15 Apr 2014 14:27
15 April 2014
LAMPRELL PLC("Lamprell" and with its subsidiaries the "Group")
CONTRACT AWARD
Lamprell (ticker: LAM), a leading provider of diversified 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 Ensco Intercontinental GmbH, a subsidiary of Ensco plc ("Ensco"), for the construction and delivery of two high specification, LeTourneau-designed, self-elevating Mobile Offshore Drilling Platforms of a Super 116E (Enhanced) Class.
The rigs are designed to operate in water depths of up to 340 feet with a rated drilling depth of 30,000 feet, and will also incorporate a number of Ensco proprietary features and specifications. Lamprell will fabricate both jackup rigs in its Hamriyah yard, located in the United Arab Emirates. Delivery of the first rig to Ensco scheduled to take place in Q2 2016 with the second rig being delivered in Q3 2016.
Under the contract terms, Ensco also has options for Lamprell to build two further jackup rigs of the same design and these options are exercisable within a period of six months from the effective date of the contract. This contract is valued at approximately US$ 390 million (excluding the options).
James Moffat, Chief Executive Officer, Lamprell, said:
"This contract award demonstrates Lamprell's position as one of the world's leading builders of jackup rigs and we are confident of our ability to deliver the rigs successfully and to our usual high safety and quality standards. We are delighted to be announcing this significant contract win from Ensco, a world leading offshore drilling company, which has trusted Lamprell with important shipyard projects in the past.
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Enquiries:
Lamprell plc
James Moffat, Chief Executive Officer +971 (0) 4 803 9308
Jo Curin, Chief Financial Officer +971 (0) 4 803 9308
Ekaterina Alferova, Investor Relations +44 (0) 7570 813428
Tulchan Communications, London
Christian Cowley +44 (0) 207 353 4200
Martin Robinson +44 (0) 207 353 4200