12 Nov 2014 08:43
12 November 2014
LAMPRELL PLC("Lamprell" and with its subsidiaries the "Group")
CONTRACT AWARD
Lamprell (ticker: LAM), a leading provider of diversified fabrication, engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, is pleased to announce that it has received a new contract award from National Drilling Company ("NDC"), Abu Dhabi, for the construction and delivery of two further high specification jackup drilling rigs of a Super 116E (Enhanced) Class. This contract award is valued at approximately US$ 365 million.
Lamprell has previously been awarded contracts by NDC for a series of six identical rigs and we are 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, these 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, United Arab Emirates (UAE), with planned delivery dates in Q4 2016 and Q2 2017 respectively.
Under the contract terms, NDC also has the right to exercise options for Lamprell to build up to an additional three jackup rigs of the same design.
James Moffat, Chief Executive Officer, Lamprell, said:
"We are delighted to announce this new award from NDC, our long-standing client. 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.
We would like to thank NDC for their confidence in Lamprell in making this significant award and we look forward to continuing to work with this prestigious customer over the coming years."
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