15 Aug 2017 07:00
15 August 2017
LAMPRELL PLC("Lamprell" and with its subsidiaries the "Group")
SETTLEMENT WITH CAMERON
Lamprell announces that it has reached an amicable settlement with Cameron International Corporation ("Cameron"), a subsidiary of Schlumberger Limited ("Schlumberger") in respect of the issues associated with the jacking equipment supplied by Cameron in 2016.
The settlement results in Lamprell receiving a proportion of the remedial costs incurred in rectifying the issues associated with the jacking equipment. After taking account of the outstanding payment to Cameron in respect of the jacking equipment and the settlement, Lampell anticipates its current net cash position will be largely unchanged.
In addition, Lamprell has held constructive discussions with Schlumberger, the owner of Cameron since April 2016, with regards to Schlumberger's land rig fleet requirements. These talks led to Schlumberger awarding to Lamprell the contract to fabricate two land rigs according to Schlumberger's rig of the future design for the Saudi Arabian market, and incorporating newly designed drilling equipment. These are being constructed in Lamprell's existing facilities in the UAE.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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Notes to editors
Lamprell PLC, based in the United Arab Emirates ("UAE") and with over 40 years' experience, is a leading provider of fabrication, engineering and contracting services to the offshore and onshore oil & gas and renewable energy industries. The Group has established leading market positions in the fabrication of shallow-water drilling jackup rigs, liftboats, land rigs, and rig refurbishment projects, and it also has an international reputation for building complex offshore and onshore process modules and fixed platforms.
Lamprell employs more than 5,000 people across multiple facilities, with its primary facilities located in Hamriyah, Sharjah and Jebel Ali, all of which are in the UAE. In addition, the Group has facilities in Saudi Arabia (through a joint venture agreement). Combined, the Group's facilities cover approximately 828,000 m2 with 1.9 km of quayside.
Lamprell is listed on the London Stock Exchange (symbol "LAM").