15 Jun 2012 07:00
15 June 2012
LAMPRELL PLC
("Lamprell" or the "Group")
LAMPRELL SUCCESSFULLY DELIVERS HULL 108
Lamprell (ticker: LAM), a leading provider of specialist engineering services to the international offshore and onshore oil & gas and renewables industries, is pleased to announce that it has successfully delivered Hull 108.
The contract award from Compañía Perforadora Mexico S.A.P.I. DE C.V. ("PEMSA"), a subsidiary of Grupo Mexico, for the construction and delivery of Hull 108, a completely outfitted and equipped, Friede & Goldman designed, Super M2 self-elevating Mobile Offshore Drilling Platform, was announced on 28 December 2011. The rig is designed to operate in water depths of up to 300 feet and has a rated drilling depth of 30,000 feet.
Hull 108 was under construction by Maritime Industrial Services Co. Ltd. Inc. ("MIS") at the time of its acquisition by Lamprell in July 2011. The fabrication of the jackup rig was completed in Lamprell's Sharjah yard and delivery has been completed on time.
As a result of the successful delivery of the rig, Lamprell will repay US$70 million of debt which is outstanding under MIS Acquisition Term Loan ('Facility A") and the Hull 108 Construction Term Loan ("Facility B").
Commenting on the delivery Nigel McCue, Chief Executive Officer, Lamprell, said:
"We are delighted to be announcing the delivery of this rig on schedule and we continue to believe the Gulf of Mexico represents an exciting market for Lamprell. We look forward to working with PEMSA in the future.
We are also pleased to be clearing the debt related to the acquisition of MIS and also the project debt, which is in line with the commitments made at the time we acquired MIS. We believe this demonstrates the underlying strength of the Group's balance sheet."
- Ends -
Enquiries:
Lamprell plc | +44 (0) 207 920 2347 | |||
Nigel McCue, Chief Executive Officer Jonathan Cooper, Chief Financial Officer | ||||
M:Communications, London | ||||
Patrick d'Ancona | +44 (0) 207 920 2347 | |||
Andrew Benbow | +44 (0) 207 920 2344 | |||
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Notes to editors
Lamprell, based in the United Arab Emirates ("UAE"), and with operations throughout the region, has played a prominent role in the development of the offshore industry in the Arabian Gulf for over 30 years and is the regional market leader in the rig market. Lamprell is a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries.
Lamprell employs approximately 12,000 people, including contract labour, across six facilities, with its primary facilities located in Hamriyah, Sharjah and Jebel Ali, all of which are in the UAE. In addition, the Group has facilities in Saudi Arabia (through a JV agreement) and Kuwait. Combined, the Group's facilities provide a total area of over 925,000 m² with 2.2 km of quayside.
Oil & Gas
·; New build offshore
·; Rig refurbishment
·; Engineering & Construction
·; Land rig services
Renewable Energy
·; Wind farm installation vessels
·; Transformer stations
·; Foundations
·; Jackets, topsides and substructures
Services
·; Engineering services
·; INSPEC (NDT and calibration services)
·; Sunbelt H2S safety services
·; Operations & Maintenance
www.lamprell.com