NEOM Company 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 EUR 55 million.

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. 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.