Lamprell plc Directorate Change (7420L)
September 14 2021 - 7:02AM
UK Regulatory
TIDMLAM
RNS Number : 7420L
Lamprell plc
14 September 2021
14 September 2021
LAMPRELL PLC
("Lamprell" and with its subsidiaries the "Group")
DIRECTORATE CHANGE
Board composition evolving in line with Group's "Lamprell
reimagined" strategy
Lamprell announces the appointment of Motassim Al Maashouq as an
independent Non-Executive Director. Mr Al Maashouq will join
Lamprell's Board with effect from today's date. As previously
announced, one of the key components of Lamprell reimagined is the
migration of its Oil & Gas business unit to Saudi Arabia. To
this end, Mr Al Maashouq has over 35 years' global experience in
the energy sector with a career forged in Saudi Aramco and its
international joint ventures. Prior to his retirement from Saudi
Aramco in June 2020, he held a number of strategic roles within the
Group, including Vice President of New Business Development, Vice
President of Corporate Planning and Group Treasurer. He also led
the company's preparation for the IPO from 2016. His earlier career
highlights include the roles of President and CEO of Petro-Lube in
1999 in Saudi Arabia, and of the Petron Corporation in the
Philippines in 2000.
Mr Al Maashouq holds an MA Area Studies, (Economics, Politics
and Law) from the University of London's School of Oriental and
African Studies.
With his extensive experience and expertise in the global energy
industry, Saudi Arabia, as well as capital markets, Mr Al Maashouq
will complement the capabilities of the current Board in driving
Lamprell's strategy forward both in the near and long-term. The
Board composition will continue to evolve in close alignment with
the Group's "Lamprell reimagined" strategy, which has structured
the business into the Oil & Gas, Renewables and Digital
business units.
The composition of the Board Committees will be amended in light
of this appointment and the Committee structures will be updated on
the Company's website, www.lamprell.com.
John Malcolm, Chairman, Lamprell, said:
"I am very pleased to announce that Mr Al Maashouq has agreed to
join us as an independent Non-executive Director. He has extensive
experience of debt and equity capital markets and is a highly
capable addition to our Board, particularly in light of his
knowledge of the Saudi market. In recent years the centre of
gravity for our Oil and Gas business unit has increasingly shifted
to Saudi Arabia, and Mr Al Maashouq brings invaluable experience
and insight as we continue on this journey. He brings many years of
experience in the global energy industry, in both senior management
and advisory roles and has shown a keen interest in our renewables
and digital strategies. I am very pleased to welcome him on to our
Board.
"Lamprell's track record in the oil and gas industry enables us
to access the opportunities available in the Middle East as we
actively seek to transition our Oil and Gas business unit to Saudi
Arabia. Mr Al Maashouq's credentials speak for themselves and his
contributions to the Board will be invaluable as we continue to
evolve the Board and the business."
In accordance with the UK Listing Rules, the Company confirms
that there are no further details that are required to be disclosed
under paragraph LR 9.6.13 R of the UK Listing Rules in respect of
Motassim Al Maashouq other than as follows:
Current Directorships
-- None
Previous Directorships (past 5 years)
-- None
This announcement contains information in relation to director
appointment which is deemed by the Company to constitute inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) No. 596/2014 (as amended) as it forms part of the
domestic law of the United Kingdom by virtue of the European Union
(Withdrawal) Act 2018 (as amended).
- Ends -
Enquiries:
Lamprell plc
Maria Babkina, Investor Relations +44 (0) 7852 618 046
Tulchan Communications, London +44 (0) 207 353 4200
Martin Robinson
Martin Pengelley
Guy Bates
Notes to editors
Lamprell is a leading provider of services to the international
energy sector. Driving strategy and growth through its Renewables,
Oil & Gas and Digital business units, underpinned by almost
half a century of expertise, the Group has worked hard to establish
its reputation for delivering projects safely, on time and to
budget.
The Group has firmly established its international credentials
in the renewables sector as well as continuing to build on its
traditional oil and gas credentials. We are recognised for building
complex offshore and onshore process modules and platforms,
fabricating and refurbishing jack-up rigs and liftboats.
Lamprell employs more than 4,000 people across multiple
facilities, with its primary facilities located in Hamriyah, in the
UAE. Combined, the Group's facilities cover approximately 800,000m2
with over 1.5 km of quayside. In addition, the Group has facilities
in Saudi Arabia (through a joint venture agreement). Lamprell is
listed on the London Stock Exchange (symbol "LAM")."
Legal Entity Identifier of the Company: 2138008NUMXRMIEDF538
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