Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksLAM.L Regulatory News (LAM)

  • There is currently no data for LAM

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Jackup rig Delivered and Settlement Reached

26 Aug 2016 17:45

RNS Number : 3074I
Lamprell plc
26 August 2016
 

 

26 August 2016

 

LAMPRELL PLC("Lamprell" or "Company" and with its subsidiaries the "Group")

 

Jackup rig Successfully Delivered and Settlement Agreement Reached

 

 

Lamprell (ticker: LAM), a leading provider of fabrication, engineering and contracting services to the energy industry, announces that it has successfully delivered the "Ensco 140" LeTourneau-designed, Super 116E (Enhanced) Class mobile offshore drilling unit to Ensco. On 26 July 2016, Lamprell disclosed a delay in the rig's delivery and the resultant potential exposure to remedial costs and liquidated damages. Today, the Company announces that it has signed an agreement with the client to settle all claims arising from the late delivery of the rig.

 

The settlement agreement comprises a deduction of US$25 million from the final milestone payment in respect of late delivery. As part of the settlement, Lamprell will also provide additional services for the "Ensco 140 and 141" rigs, including temporary storage and grant an extended warranty for the jacking equipment supplied by the original equipment manufacturer, Cameron LeTourneau ("Cameron").

 

As a result of the settlement agreement, Lamprell's expected 2016 revenue will be reduced by US$25 million and the Company anticipates a reduction of around US$35 million on its expected 2016 profit. Further guidance for financial performance will be provided at the time of the announcement of the Group's interim results on 22 September 2016. Lamprell retains a positive net cash position and a healthy balance sheet which will be strengthened as the Group completes and delivers the six ongoing rig projects over the coming eight months.

 

Lamprell is committed to delivering projects safely, on time, on budget and to high quality standards. The late delivery of the "Ensco 140" rig was caused by failures in the jacking equipment that Cameron supplied. Lamprell has successfully implemented a solution for this issue on the "Ensco 140" rig and the Group expects to deliver the other six projects as planned. Lamprell's Board is fully committed to recovering the remedial costs arising from the technical defects in the jacking equipment from Cameron as well as seeking compensation from Cameron.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

- Ends -

 

 

Enquiries:

 

Lamprell plc

 

John Kennedy, Executive Chairman

+971 (0) 4 803 9308

James Moffat, Chief Executive Officer

+971 (0) 4 803 9308

Tony Wright, Chief Financial Officer

+971 (0) 4 803 9308

Natalia Erikssen, Investor Relations

+44 (0) 7885 522989

 

Tulchan Communications, London

+44 (0) 207 353 4200

Martin Robinson

Martin Pengelley

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCQQLFLQVFFBBQ
Date   Source Headline
25th Oct 20228:00 amRNSCancellation - Lamprell Plc
25th Oct 20228:00 amRNSRemoval - Lamprell plc
3rd Oct 20227:00 amRNSRequest for suspension of listing of shares
27th Sep 20225:30 pmRNSLamprell
26th Sep 20222:28 pmRNSResult of EGM and Interim results update
9th Sep 202212:19 pmRNSIssue of equity, PDMR notification, voting rights
8th Sep 20227:00 amRNSContract signed for Moray West Offshore Wind Farm
6th Sep 20226:21 pmRNSCorrection: Result of AGM
6th Sep 20222:53 pmRNSResult of AGM
5th Sep 20221:00 pmRNSBlocklisting application
5th Sep 20227:13 amGNWForm 8.5 (EPT/RI) - Lamprell Plc
5th Sep 20227:00 amRNSOffer Update
2nd Sep 20222:52 pmBUSForm 8.3 - LAMPRELL PLC
2nd Sep 20227:28 amGNWForm 8.5 (EPT/RI) - Lamprell Plc
1st Sep 20228:14 amGNWForm 8.5 (EPT/RI) - Lamprell plc
31st Aug 20227:45 amGNWForm 8.5 (EPT/RI) - Lamprell plc
30th Aug 20226:23 amGNWForm 8.5 (EPT/RI) - Lamprell plc
26th Aug 20225:30 pmRNSLamprell
26th Aug 202212:57 pmRNSPublication of circular, EGM notice, Board update
26th Aug 20227:56 amGNWForm 8.5 (EPT/RI) - Lamprell plc
26th Aug 20227:00 amRNSOffer Unconditional
25th Aug 20227:59 amGNWForm 8.5 (EPT/RI) - Lamprell plc
24th Aug 20227:16 amGNWForm 8.5 (EPT/RI) - Lamprell plc
23rd Aug 20228:26 amGNWForm 8.5 (EPT/RI) - Lamprell plc
19th Aug 20227:59 amGNWForm 8.5 (EPT/RI) - Lamprell plc
18th Aug 20227:34 amGNWForm 8.5 (EPT/RI) - Lamprell plc
17th Aug 20227:41 amGNWForm 8.5 (EPT/RI) - Lamprell plc
16th Aug 20227:18 amGNWForm 8.5 (EPT/RI) - Lamprell plc
15th Aug 20228:06 amGNWForm 8.5 (EPT/RI) - Lamprell plc
12th Aug 202212:56 pmRNSPublication of Offer Document
12th Aug 20227:30 amRNSRestoration - Lamprell plc
11th Aug 202210:05 amRNSNotice of AGM/Annual Report And Accounts
8th Aug 20227:00 amRNS2021 Financial Results
4th Aug 20224:33 pmRNSDebt facility update
21st Jul 20222:11 pmRNSRecommended Cash Offer for Lamprell plc
18th Jul 20228:30 amRNSForm 8 (OPD) - Lamprell plc
12th Jul 20229:30 amRNSUpdate Regarding Potential Offer
8th Jul 20223:24 pmRNSForm 8.3 - Lamprell plc
7th Jul 20224:30 pmRNSForm 8 (OPD) - Lamprell plc
7th Jul 20224:10 pmRNSForm 8.3 - Lamprell plc
7th Jul 20224:05 pmRNSForm 8 (OPD) - Lamprell plc
4th Jul 20222:20 pmRNSHolding(s) in Company
4th Jul 20222:13 pmRNSHolding(s) in Company
1st Jul 20221:12 pmRNSForm 8.3 - Lamprell plc
1st Jul 20227:40 amRNSTemporary Suspension
1st Jul 20227:30 amRNSTemporary Suspension-Lamprell plc
1st Jul 20227:00 amRNSResponse to speculation on Lamprell PLC
1st Jul 20226:06 amGNWForm 8.5 (EPT/RI) - Lamprell plc
30th Jun 20222:40 pmRNSForm 8.3 - Lamprell plc
30th Jun 20227:29 amGNWForm 8.5 (EPT/RI) - Lamprell plc

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.