Saudi’s Blofeld raises stake in Lamprell to 10%

UAE-based offshore oil and gas firm Lamprell said its Saudi shareholder, Blofeld Investment Management, has doubled its stake in the company.

Blofeld, a private investment fund based in Saudi Arabia, raised its share in Lamprell to 10.08 percent, the UAE firm said in a statement on Monday.

Lamprell also said it has formed a local joint venture – called Lamprell Saudi Arabia – with Jeddah-based partner Asyad Holdings.

Among Lamprell’s strategic goals in the Kingdom is to qualify as a contractor to Saudi Aramco on their Long Term Agreement (LTA) program, through which it can undertake offshore engineering, procurement, construction and installation projects in the oil & gas sector, the firm said in a statement.

The new JV aims to help Lamprell meet the requirements of Saudi Aramco's In-Kingdom Total Value Add (IKTVA) program, a key component to all LTA projects.

“The region has some of the strongest fundamentals in the oil sector and has demonstrated resilient production throughout the market downturn with an exceptional growth strategy going forward,” said Christopher McDonald, Lamprell’s CEO.

The UAE firm, listed in London, has earlier invested in Saudi Arabia through the joint venture between Saudi Aramco, Bahri and Hyundai Heavy Industries to develop a major maritime yard in the Arabian Gulf, known as International Maritime Industries.