15 Sep 2009 07:00
15 September 2009
LAMPRELL PLC
("Lamprell" or the "Company")
LAMPRELL ANNOUNCES US$ 52 MILLION OF CONTRACT AWARDS
Lamprell (ticker: LAM), a leading provider of specialist engineering services to the international oil & gas industry, is pleased to announce that it has received contract awards from three of its key customers, which in aggregate total US$ 52 million.
New contract awards
Lamprell is pleased to announce that it has been awarded the following contracts:
Saipem Energy Services S.p.A ("Saipem") has awarded Lamprell a US$ 18.1 million contract for the construction of six process modules, pipe-rack sections and interconnecting pipe spools for the Aquila Phase 2 Floating Production, Storage and Offloading ("FPSO") Project. The modules will be constructed at the Jebel Ali facility and are scheduled to be completed in November 2010.
Noble International Limited has awarded Lamprell a US$ 20.4 million award for the fabrication and installation of three 309 feet legs for the David Tinsley jackup drilling unit, in addition to general refurbishment and upgrade works already underway to repair the hull, leg wells and jacking houses. The work has commenced at the Hamriyah facility and is scheduled to be completed by the end of July 2010.
Transocean Investments S.a.r.l. ("Transocean") has awarded Lamprell the contract for the upgrade and refurbishment of the Key Manhattan jackup drilling unit. This project will be undertaken in Croatia by Lamprell at the Nauta Lamjana shipyard. The initial contract value is US$ 13.4 million and the work scope includes extensive steel renewals and associated painting works, structural repairs to the cantilever and derrick, and the replacement of hull piping systems. The work will commence during September 2009 and is scheduled for completion in December 2009.
Commenting on the contract awards Nigel McCue, Chief Executive Officer, Lamprell said:
"We are delighted to be announcing these contract awards which illustrate the continuing demand for our services. The contract with Saipem is our first FPSO award since July 2008 and reinforces the confidence we have in the long-term viability of the offshore construction market both for fixed and floating structures.
We are also pleased to announce our rig refurbishment contract wins with two long established clients. They endorse our strong reputation for quality, safety and service and for delivering projects on schedule and on budget. We are particularly encouraged to be involved in the offsite project with Transocean, which reflects a developing area of business for Lamprell.
We are confident that Lamprell will continue to meet and exceed the expectations of its clients."
Enquiries:
| Lamprell plc | +44 (0) 207 920 2330 |
| Jonathan Silver, Chairman | |
| Nigel McCue, Chief Executive Officer | |
| Scott Doak, Chief Financial Officer | |
| M:Communications, London | |
| Patrick d'Ancona | +44 (0) 207 920 2347 |
| Georgina Briscoe | +44 (0) 207 920 2348 |
Notes to editors
Lamprell, based in the UAE, has played an increasingly prominent role in the development of the offshore industry in the Arabian Gulf for over 30 years, in later years providing specialised services to the offshore oil and gas industry.
The principal markets in which Lamprell operates, and the principal services it provides, are:
Engineering, procurement and construction of jackup rigs, liftboats and drilling related equipment;
New build construction for the offshore oil and gas sector, including Floating Production, Storage and Offloading systems and other offshore and onshore structures; and
Oilfield engineering services, including the upgrade, refurbishment and new building of land rigs.