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24 Jun 2008 07:00
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24Β JuneΒ 2008
LAMPRELL PLC ("Lamprell" or the "Company")
LAMPRELL ANNOUNCESΒ $204.5Β MILLION CONTRACT AWARD
Lamprell (ticker: LAM), a leading provider of specialist engineering services to the international oil & gas industry, is pleased to announceΒ the award of a contract from BassDrillΒ LimitedΒ ("BassDrill"), with a value of $204.5Β million.
The contract is for the construction ofΒ twoΒ self erecting tender assist drillingΒ units, eachΒ vesselΒ complete with living accommodationΒ andΒ aΒ modular mast equipment package.Β Under the contract, construction of the firstΒ unitΒ is confirmed withΒ work onΒ theΒ secondΒ unitΒ conditionalΒ upon BassDrill raisingΒ theΒ finance to fund theΒ construction of the unit.
TheΒ awardΒ is a lump sum turnkey contract covering all aspects of the project execution. It is expected that the firstΒ unitΒ will be delivered to BassDrill inΒ SeptemberΒ 2009,Β with theΒ secondΒ unitΒ scheduled forΒ deliveryΒ inΒ 2010.
Commenting on the announcement, Chief Executive Officer, Peter Whitbread, said:Β
"We are delighted to announceΒ thisΒ newsΒ which represents the largest single contract awarded toΒ LamprellΒ to date. This is a significant step in the planned growth of the CompanyΒ as we seek to diversify ourΒ core offering andΒ we seeΒ largeΒ scaleΒ engineering, procurement and constructionΒ of drilling andΒ rigΒ relatedΒ equipmentΒ asΒ aΒ key component in our future growth strategy. With this recent award we now see our order book at an all time high,Β with forward visibilityΒ wellΒ into 2010."
- Ends -
Enquiries:
Lamprell plcΒ +44 (0) 207 153 1547Peter Whitbread, Chief Executive OfficerΒ David Moran,Β Director of Corporate Communications
Scott Doak, Chief Financial Officer
JPMorgan Cazenove, LondonΒ +44 (0) 207 588 2828Malcolm MoirΒ
Nick Garrett
Laurence Hollingworth
M:Communications,Β LondonΒ Patrick d'Ancona +44 (0) 207 153 1547
Charlotte Kirkham +44 (0) 207 153 1531
GeorginaΒ Briscoe +44 (0) 207 153 1548
Notes to editors
Lamprell, based in theΒ United Arab Emirates, has played an increasingly prominent role in the development of the offshore industry in theΒ Arabian GulfΒ for over 30 years, in later years providing specialised services to the offshore oil and gas industry.Β
Lamprell's threeΒ primary facilities are in Port KhalidΒ and Hamriyah Free Zone, in the Emirate of Sharjah, and in the Jebel Ali Free Zone, in the Emirate of Dubai,Β allΒ of which are in theΒ UnitedΒ ArabΒ Emirates.Β
The principal markets in which Lamprell operates, and the principal services it provides, are:
UpgradeΒ andΒ refurbishment of offshore jackup rigs;
Engineering, procurement andΒ construction of jackup rigs,Β liftboatsΒ and drilling related equipment;
New build construction for the offshore oil and gasΒ industry, including Floating Production, Storage and Offloading systems and other offshore and onshore structures; andΒ
Oilfield engineering services, including the upgrade,Β refurbishmentΒ and new building ofΒ land rigs.Β
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