18 Oct 2011 07:00
18 October 2011
LAMPRELL PLC
("Lamprell" or the "Company")
LAMPRELL ANNOUNCES US$ 333.3 MILLION OPTIONS EXERCISE
Lamprell (ticker: LAM), a leading provider of specialist engineering services to the international 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 two jackup rigs in addition to the 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 Q1 2014 and Q2 2014 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 its options, and for the opportunity to continue to strengthen our relationship with this prestigious customer. This is another significant contract award, demonstrating the strength of the market for jackup rigs, and reflecting our strong reputation for quality and service, whilst further extending our growing order book."
-ends-
Enquiries:
Lamprell plc | +44 (0) 207 920 2347 |
Jonathan Silver, Chairman Nigel McCue, Chief Executive Officer Scott Doak, Chief Financial Officer | |
M:Communications, London | |
Patrick d'Ancona | +44 (0) 207 920 2347 |
Andrew Benbow | +44 (0) 207 920 2344 |
Notes to editors
Lamprell, based in the UAE, 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, providing specialised services to the on and offshore oil and gas industry.
·; Lamprell employs over 11,000 people across six facilities, with primary facilities in Hamriyah, Sharjah, and Jebel Ali, all of which are in the UAE, and in Saudi Arabia.
·; The principal markets in which Lamprell operates, and the principal services it provides, are:
o Engineering, procurement and construction of jackup rigs, liftboats and drilling related equipment;
o Upgrade and refurbishment of offshore jackup rigs;
o New build construction for the offshore oil and gas sector, including Floating Production, Storage and Offloading systems and other offshore and onshore structures;
o Onshore fabrication and downstream process facilities, and
o Oilfield engineering services, including the upgrade, refurbishment and new building of land rigs.