3 Feb 2010 07:00
3 February 2010
LAMPRELL PLC
("Lamprell" or the "Company")
LAMPRELL ANNOUNCES US$ 51 MILLION OF NEW CONTRACT AWARDS
Lamprell (ticker: LAM), a leading provider of specialist engineering services to the international oil & gas industry, is pleased to announce that it has received new contract awards, which in aggregate total US$ 51 million.
New contract awards
Saipem S.p.A ("Saipem") has awarded Lamprell a US$ 16.6 million contract for the construction of two interconnecting accommodation modules with helideck, providing accommodation for 140 people. This contract will be carried out at our Jebel Ali facility and will be delivered to Saipem at the Jebel Ali quayside in December 2010. Saipem will then transport the modules to the Caspian Sea.
Japan Drilling Co. Ltd. ("JDC") has awarded Lamprell a US$ 11.8 million contract for the upgrade and refurbishment of jackup drilling rig Sagadrill 2. The rig is expected to arrive at our Sharjah facility in April 2010 and will remain at our facility for three months whilst the works are undertaken.
In addition Lamprell has added US$ 22.3 million since the last announcement to the Company's order book in respect of further rig refurbishment contracts and growth in work scope of on-going rig refurbishment contracts. These works are being carried out at our Sharjah and Hamriyah Free Zone facilities.
Commenting on the contract awards Nigel McCue, Chief Executive Officer, Lamprell said:
"We are delighted to be announcing these new contract awards today which reinforce our strong reputation for quality and service. The contract with Saipem, a long standing client of Lamprell, follows an earlier contract win from Saipem announced in November 2009 and is testament to our ability to deliver projects on time and on budget.
Rig refurbishment is Lamprell's traditional expertise and today's announcement, which outlines a new award and the growth in scope on a number of on-going rig refurbishment projects, reflects an underlying strength in this area of our business. We remain extremely busy bidding for new contracts and today's awards support our confidence in the quality of our pipeline."
Enquiries:
Lamprell plc +44 (0) 207 920 2330Jonathan Silver, Chairman
Nigel McCue, Chief Executive Officer
Scott Doak, Chief Financial Officer
M:Communications, London Patrick d'Ancona +44 (0) 207 920 2347
Georgina Briscoe +44 (0) 207 920 2348
Notes to editors
Lamprell, based in the UAE, has played an increasingly prominent role in the development of the offshore industry in the Arabian Gulf for over 30 years, in later years providing specialised services to the offshore oil and gas industry.
·; Lamprell's three primary facilities are in Port Khalid and the Hamriyah Free Zone, in the Emirate of Sharjah, and in the Jebel Ali Free Zone, in the Emirate of Dubai, all of which are in the UAE.
·; The principal markets in which Lamprell operates, and the principal services it provides, are:
o Upgrade and refurbishment of offshore jackup rigs;
o Engineering, procurement and construction of jackup rigs, liftboats and drilling related
equipment;
o New build construction for the offshore oil and gas sector, including Floating Production, Storage and Offloading systems and other offshore and onshore structures; and
o Oilfield engineering services, including the upgrade, refurbishment and new building of land rigs.