25 Apr 2012 07:00
LAMPRELL PLC
("Lamprell" or the "Company")
LAMPRELL ANNOUNCES US$ 333.3 MILLION OPTIONS EXERCISE
Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting products and services to the onshore and offshore oil and gas and renewables industry, is pleased to announce the exercise by National Drilling Company ("NDC"), Abu Dhabi of the options for Lamprell to build a further two jackup rigs in addition to the four rigs currently under construction by Lamprell for NDC.
The new agreement with NDC is for the construction and delivery of two jackup rigs valued at US$ 166.65 million each. As with the existing rigs under construction, these additional rigs will be completely outfitted and equipped, LeTourneau designed, self-elevating Mobile Offshore Drilling Platforms of a Super 116E (Enhanced) Class design. The rigs consist of triangular hulls and three 310 foot truss type legs per rig, each leg with an electro-mechanical rack and pinion elevating system, which will allow drilling in depths of up to 200 feet of water with a rated drilling depth of 30,000 feet. Deliveries are scheduled to be in Q4 2014 and Q1 2015 respectively. The work will be performed at Lamprell's Hamriyah facility.
Nigel McCue, Chief Executive Officer, Lamprell commented:
"We are delighted to announce today the exercise by NDC of these options, and for the opportunity to further strengthen the relationship with this prestigious customer. This is another significant contract award, demonstrating the health of the market for jackup rigs, and reflecting Lamprell's strong reputation for quality and service, whilst further extending our growing order book."