LONDON (Alliance News) - Lamprell PLC Wednesday said it has won a new contract with National Drilling Co in Abu Dhabi for the construction and delivery of two further high specification jackup drilling rigs of a Super 116E (Enhanced) Class, valuing the award about USD365 million.
Lamprell shares jumped 4.7% on the news to 148.69 pence early Wednesday.
In a statement, Lamprell said it has previously been awarded contracts by NDC for a series of six identical rigs and is on schedule to complete construction of the final two jackup rigs, having delivered the first four on time and on budget.
As with the units under construction, the newly-ordered rigs will be completely outfitted, LeTourneau-designed, self-elevating Mobile Offshore Drilling Units of a Super 116E (Enhanced) class design with a rated drilling depth of 30,000 feet.
The rigs will be constructed at Lamprell's facility in Hamriyah, UAE, with planned delivery dates in the fourth quarter of 2016 and the second quarter of 2017, respectively.
Under the terms of the contract, NDC also has the right to exercise options for Lamprell to build up to an additional three jackup rigs of the same design.
"We have worked closely with NDC over the last four years and developed an excellent working relationship delivering consistently competitive solutions for complex projects. With this latest contract win, Lamprell has been awarded a total of six firm jackup rigs in 2014. This reflects Lamprell's position as a leading fabricator of jackup rigs to the global energy market and extends our growing order book out to mid-2017," Chief Executive James Moffat said in a statement.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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