Lamprell completes and delivers new wind turbine vessel

Lamprell has completed the construction of a wind turbine installation vessel known as Windcarrier 2 Bold Tern, an update from the company has shown.

Lamprell has completed the construction of a wind turbine installation vessel known as Windcarrier 2 Bold Tern, an update from the company has shown.

The company, which provides diversified engineering and contracting services to the oil, gas and renewables industry, further stated that it had delivered the vessel to the client, Fred Olsen.

The completion and delivery of the vessel, five months after the delivery of its sister vessel, the Windcarrier 1 "Brave Tern", was marked with a ceremony at Lamprell's Jebel Ali facility in the United Arab emirates, attended by members of the Olsen family and senior executives from Fred Olsen and Lamprell.

The vessel is expected to depart to its operating location in the North Sea later this week.

The group has now completed a total of five new build offshore wind turbine installation vessels with a sixth vessel currently under construction. Aside from the two Fred Olsen vessels, three others were delivered to Seajacks with one more under construction.

Commenting on the delivery, Peter Whitbread, Chief Executive Officer, Lamprell, said: "I am delighted to make delivery of the 'Bold Tern' to her new owners. The project has been highly complex with significant challenges which we have overcome."

Lamprell's share price was unchanged at 148.25p at 09:48 on Monday.

MF

Recommended

Share tips of the week – 24 September
Share tips

Share tips of the week – 24 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
24 Sep 2021
Three strong Asian stocks trading at bargain prices
Share tips

Three strong Asian stocks trading at bargain prices

Professional investor Nitin Bajaj of the Fidelity Asian Values investment trust picks three stocks that dominate their industries, earn good returns o…
20 Sep 2021
Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021

Most Popular

A nightmare 1970s scenario for investors is edging closer
Investment strategy

A nightmare 1970s scenario for investors is edging closer

Inflation need not be a worry unless it is driven by labour market shortages. Unfortunately, writes macroeconomist Philip Pilkington, that’s exactly w…
17 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021