- Services company Lamprell said it and partners had been selected by Saudi Aramco, the world's biggest oil company, to be part of a preferred contractor pool for offshore facility development.

The so-called long-term agreement programme, or LTA, was an investment platform covering engineering, procurement, construction, transportation and installation contracts for Saudi Aramco.

Lamprell said investments within the scope of the agreement could exceed $3bn a year, with an initial programme duration of six years and options to extend by a further three plus three years.

Selected contractors had the right to bid for tenders put out by Saudi Aramco without further technical pre-qualification or pre-selection, considerably shortening the lead time through to award.

Lamprell submitted its bid in a consortium with marine contractor Boskalis and said it would focus on the engineering, procurement and construction of offshore structures, such as topsides and jackets.

Boskalis would be responsible for the transport and installation of the structures, in addition to specialist subsea activities, including survey as well as pipeline and cable installation.

'This is one of the most sought-after and selective processes in the industry and the award advances our strategic aspirations with respect to both Saudi Arabia and the EPCI sector, as well as cementing our relationship with an industry partner in Boskalis,' chief executive Christopher McDonald said.

At 2:34pm: [LON:LAM] Lamprell PLC share price was +4.5p at 65.2p

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