LAM.L Regulatory News (LAM)

26 Jul 2007 07:00

Lamprell Plc26 July 2007 CONFIRMS $168 MILLION CONTRACT AWARD FOR NEW BUILD LETOURNEAU JACKUP RIG Lamprell (symbol: LAM), a leading provider of specialist engineering services tothe international oil & gas industry, is pleased to announce that the contractfor the construction of a LeTourneau Super 116E jackup drilling rig has now beenconfirmed following Scorpion's successful fund raising. Construction work on the new build rig will commence immediately and delivery ofthe rig is expected in early 2009. Commenting on this contract award Chairman and Chief Executive Officer, PeterWhitbread, said: "We are very excited about this project and delighted to be able to build on ourextensive jackup rig refurbishment experience and start work on our first newbuild jackup rig. We look forward to working with Scorpion on this and futureprojects." Enquiries: Lamprell plc (+44 20 7638 9571)Peter Whitbread, Chairman and Chief Executive OfficerDavid Moran, Chief Operating Officer JPMorgan Cazenove, London (+44 20 7588 2828)Nick GarrettMalcolm Moir Citigate Dewe Rogerson, London (+44 20 7638 9571)Media enquiries: Scott Fulton/Kate DelahuntyAnalyst enquiries: Nina Soon Notes to editors • Lamprell, based in the UAE, has played an increasingly prominentrole in the development of the offshore industry in the Arabian Gulf for over 30years, in later years providing specialised services to the offshore oil and gasindustry. • Lamprell's two primary facilities are in Port Khalid, in theEmirate of Sharjah, and in the Jebel Ali Free Zone, in the Emirate of Dubai,both of which are in the UAE. • The principal markets in which Lamprell operates, and theprincipal services it provides, are: - Upgrade and refurbishment of offshore jackup rigs; - New build construction for the offshore oil and gas sector, includingFloating Production, Storage and Offloading systems and other offshore andonshore structures; and - Oilfield engineering services, including the upgrade andrefurbishment of land rigs. • Lamprell has grown strongly over the last three years, driven bybuoyant conditions in the oil and gas industry and the increase in capacity withthe opening of its facility in the Jebel Ali Free Zone in 2002. This information is provided by RNS The company news service from the London Stock Exchange