Lamor Corporation and Rosneft Sign Cooperation Agreement

PORVOO, Finland, March 31, 2017 /PRNewswire/ --

Lamor Corporation and the Russian oil giant Rosneft signed a Cooperation Agreement at the IV International Arctic Forum, in Arkhangelsk, Russia.

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The partnership will evaluate prospects of localizing production of oil spill response (OSR) equipment and machinery in Russia for the Arctic region. Localization of production is forecasted to be at least 70% by 2025, and the equipment will be manufactured at a Rosneft shipbuilding facility. The parties aim to establish joint production of specialized floating crafts, equipment for oil spill recovery at sea and on land, oil containment booms, as well as other equipment and components.

"We are very pleased to team up with Rosneft. As long-standing partners, we have been supplying OSR equipment for Rosneft's production assets for the past 20 years," stated Fred Larsen, President and CEO of Lamor Corporation.

"We have service centers in Russia to provide maintenance and support for OSR equipment, Ecoshelf in Sakhalin and Ecoshelf-Baltika in St. Petersburg, that have been in operation for 18 years. Joint production with Rosneft takes our presence in the Russian market to another level," said Larsen.

Rosneft is the largest license holder on the continental shelf of the Russian Federation. The company holds 55 licenses (28 of them at the Arctic shelf) that cover a total area of more than 1 million square kilometers. Preservation of a favorable environment and biological diversity of fragile marine ecosystems is a fundamental principle of the company's operations. Geological exploration is preceded by a series of detailed environmental studies on weather, ice conditions, ice flow, characteristics of the fauna, and related fields. Rosneft has a system approach to environmental safety aiming primarily at prevention of emergency situations.  

In accordance with the agreement, Lamor and Rosneft will manufacture equipment for Rosneft projects as well as third-party customers.

For more information, please contact: 

Fred Larsen, President & CEO, Lamor Corporation, fred.larsen@lamor.com, tel: +359-400-906-311, http://www.lamor.com

Rosneft Information Division, tel: +7-499-517-8897, http://www.rosneft.com

SOURCE Lamor Corporation