Lamor Corporation Oyj

M&A Activity • Dec 15, 2024

Disclosure 453158

Lamor Corporation Oyj - Inside information

Inside Information: Lamor completes negotiations on allocation of responsibilities with NEOM Company

Lamor Corporation Plc | Inside Information | December 15, 2024 at 20:00:00 EET

Inside Information: Lamor completes negotiations on allocation of responsibilities with NEOM Company

Lamor Corporation Plc has agreed on the new allocation of responsibilities with NEOM Company. According to the agreement, Lamor will supply oil spill response technology worth EUR 9 million to NEOM Company. Consequently, Lamor has adjusted the value of NEOM Company's order in its order backlog to reflect the above-mentioned total value of the agreement.

The delivery of the technology has commenced and is expected to be completed during the beginning of the first quarter in 2025. Most of the purchase price will be paid during the fourth quarter of 2024. The deliveries will have a positive impact on Lamor's working capital and cash position.

Previously, on 27 May 2024, Lamor announced that NEOM Company had selected Lamor as the supplier for a significant environmental protection project in western Saudi Arabia. The companies signed an agreement for oil spill response preparedness services and technology for a three-year project valued at approximately EUR 55 million. Additionally, on 10 September 2024, Lamor disclosed that it had received a preliminary proposal from NEOM Company for reducing the responsibilities allocated to Lamor.

Further information

Johan Grön, CEO, Lamor Corporation Plc

+358 40 5464186, johan.gron@lamor.com

About Us

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 the Nasdaq Helsinki (ticker: LAMOR). Further information: www.lamor.com