LR Chalks Out Energy Growth Strategy
Lloyd’s Register (LR), which ranks as one of the world’s largest providers of professional services for the engineering and technology sectors, has chalked out a new strategy for future growth in the energy market.
The firm, which started out in 1760 as a marine classification society and now has more than 7,000 staff globally, said that the first phase of its new global strategy for its energy business to reposition the professional services portfolio for growth through the energy transition, with an enhanced focus on providing solutions for their clients across increasingly complex operations and infrastructure.
The transformation is being led by David Clark, recently appointed as LR's new global energy director.
"LR has continuously evolved its energy business in parallel with changing client needs and market demands," says Clark. "The emerging recovery of the oil and gas industry and the more evident renewables sector provides LR with the opportunity to reposition our business."
"Our new strategy moves our portfolio away from markets that have become commoditised and consequently we will not offer all the services that we have historically. We are adopting an approach that leverages the depth of our technical expertise and embraces digital and commercial innovation to provide business-focused solutions," highlights Clark. "For our clients, this means we will be better placed to help them maximise efficiency gains, manage operational performance, control their cost base and improve how risk is managed."
LR will retain its capability from reservoir to refinery, and from concept to decommissioning, whilst offering a more focused portfolio of technical consultative services in both existing and new geographical markets.
LR is committed to being part of the climate change solution, helping clients to reduce their carbon footprint. Clark believes this is achievable through a broad range of solutions, from renewables integration to carbon capture, all of which require skills sets and expertise directly transferrable across the offshore energy sectors.
"Our purpose remains resolute - working together for a safer world," highlights Clark. "In all areas of the energy mix, throughout the supply chain and across the globe, LR will continue to support its clients through the complexity of tomorrow's market challenges, providing the technical confidence and credibility they will need for improved business performance as new energy sources are developed."