Lloyd's Register is awarded a GBP half million contract by LAUGFS in Sri Lanka
MUMBAI, India, Feb. 2, 2016 - Lloyd's Register (LR), world's leading engineering, technical and business services organization announced today that it has been appointed by LAUGFS Gas PLC (LAUGFS) to handle key safety and quality checks of the LPG terminal at Hambantota Port, some 240kms away from Sri Lanka's capital city, Colombo. The contract is valued at GBP500,000.
"A valued long-term business partner, LR has been meeting maritime needs of Sri Lanka since 1945. In 2015, we announced plans to build and operate a world class LPG terminal at Hambantota Port. After carefully evaluating different vendors' proposals, we found LR's benchmark assurance and advisory services to be a sound value proposition that had clear competitive advantages," said Mr. W.K.H. Wegapitiya, Chairman of LAUGFS Holding. "Once fully operational, the new Hambantona terminal will complete the backwards integration of our business value chain and thus leave us perfectly placed to capitalize on lucrative LPG export markets."
LR's service offerings under the LAUGFS contract will include initial Hazard and Operability (HAZOP), Hazard Identification (HAZID), Safety Integrity Level (SIL) rating and Fire and Explosion Evaluation (FEE) safety studies, plus inspection of pipe and plate mills at various pre-fabricators' locations across China. The LR teams will also carry out complete site inspections of storage tanks and pipelines stretching from the jetty to the storage field at Colombo. Their work will include the design appraisal of tanks, process piping and pipe lines, together with the inspection of critical equipment imported from the UK, France, Germany and the US.
"This sizeable win underlines LAUGFS' already strong confidence in LR. We are pleased to be able to broaden our service scope for this key client and to further strengthen our foothold in the strategically vital South West Asia market," Pascal Coudeville, Senior Vice President, Lloyd's Register Inspection Services.
LAUGFS Gas PLC is a subsidiary of LAUGFS Holdings, one of the largest diversified business conglomerates and a trusted name in Sri Lanka. Founded in 1995, LAUGFS has expanded across 20 industries, establishing a strong presence as a leader and pioneer in the power and energy, retail, industrial, services, leisure, logistics and real estate sectors. With over 4,000 employees and an annual turnover exceeding USD200 million, LAUGFS continues to expand and empower millions as a trusted Sri Lankan brand.
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Lloyd’s Register (LR) is a global engineering, technical and business services organisation wholly owned by the Lloyd’s Register Foundation, a UK charity dedicated to research and education in science and engineering. Founded in 1760 as a marine classification society, LR now operates across many industry sectors, with some 8,000 employees in 78 countries.
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