LAM.L Share News (LAM)

Oil and gas engineering firm Lamprell said it had secured a 227 million dollar contract from an unnamed drilling contractor to build one of its popular jackup rigs.The rig is designed to operate in water depths of up to 350 feet and will be able to drill to a depth of 30,000 feet.The work will be performed at Lamprell's Hamriyah facility, in Sharjah in the United Arab Emirates and should be completed by the end of 2014, the firm said."This [contract] further evidences the sustained demand for these rigs and the confidence in Lamprell's ability to deliver a quality product with a strong commitment to customer service," said chief executive Nigel McCue.The news follows another deal Lamprell struck at the end of April that will see it build two further rigs for Abu Dhabi's National Drilling Company. The company already has four of the jackup rigs under construction for the Middle Eastern company. That contract will net Lamprell $166.65m, with delivery scheduled to be in the fourth quarter of 2014 and first quarter of 2015 respectively.