Lamor Corporation Oyj - Inside information

Inside information: Lamor has been awarded a major environmental protection project in Saudi Arabia

27.5.2024 12:30:00 EEST | Lamor Corporation Oyj | Inside information

Lamor Corporation Plc      Stock exchange release, inside information      27 May 2024 at 12:30 pm EEST

Inside information: Lamor has been awarded a major environmental protection project in Saudi Arabia

NEOM Company has selected Lamor to deliver a major environmental protection project in the Western Province of Saudi Arabia. The parties have signed a contract relating to the project, and it consists of oil spill response preparedness services and technology. The duration of the project is a minimum of three years, and its value is approximately 55 million euros.

NEOM is a major regional development scheme, on the Red Sea and Gulf of Aqaba coastline, bordering with Egypt and Jordan. Its total area of 26,500 km² is designed for living, working, and prosperity.

Lamor’s scope of services will include conducting risk assessment, preparing a gap analysis, contingency planning, oil spill surveillance, and set-up of oil spill response services consisting of professional personnel, two fully equipped response stations, and the necessary small boats, vessels and vehicles. These resources will be permanently located in the NEOM region.

The main function of the two oil spill response stations is to protect the unique ecosystem, habitats, and biodiversity surrounding the NEOM development. The resources Lamor provides will be dedicated to serve the needs of NEOM activities and facilities.

“Being associated with the prestigious NEOM project is an honor for Lamor. Winning this project is also a significant step in implementing our growth strategy and a proof of our long-term dedication to Saudi-Arabia. It further strengthens our position as a provider of end-to-end environmental solutions in the Middle East, and especially in Saudi Arabia. Providing oil spill response preparedness services is one of Lamor’s key competencies, and we have been successfully delivering similar projects in the Saudi Red Sea area since 2021”, says Lamor's CEO Johan Grön.

The project will be added to Lamor’s order backlog and the delivery of the project will start during the second quarter of 2024. The contract does not impact the guidance provided by Lamor according to which Lamor estimates that its revenue for the financial year 2024 will be at least at the same level as in 2023. Lamor has not provided guidance for profitability for the financial year 2024.

Further information

Johan Grön, CEO, Lamor Corporation Plc
Tel. +358 40 546 4186, Email johan.gron@lamor.com

Lamor in brief

Lamor is one of the world’s leading providers of environmental solutions. For four decades, we have worked to clean up and prevent environmental incidents on land and at sea. 

Environmental protection, soil remediation and material recycling: Our innovative technologies, services and tailored solutions, ranging from oil spill response, waste management and water treatment to soil remediation and plastic recycling, benefit customers and environments all over the world. 

We are capable of vast and fast operations thanks to our connected ecosystem of local partners, steered by our experts. We have over 600 employees in more than 20 countries. In 2023, our turnover was 123 million euros.  Lamor's share is listed on Nasdaq Helsinki (ticker: LAMOR). Further information: lamor.com.