Lamprell receives contract award from Dev Drilling Pte Limited

Wednesday, February 6, 2013
  • Contract for construction and delivery of a completely outfitted and equipped, LeTourneau designed, self-elevating Mobile Offshore Drilling Platform of a Super 116E (Enhanced) Class design.

Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, is pleased to announce that it has received a new contract award from Dev Drilling Pte Limited, a company within the Jindal Group ("Jindal"), based in Singapore, for the construction and delivery of a completely outfitted and equipped, LeTourneau designed, self-elevating Mobile Offshore Drilling Platform of a Super 116E (Enhanced) Class design.

The rig is designed to operate in water depths of up to 350 feet and will have a rated drilling depth of 30,000 feet. Lamprell will fabricate the jackup rig in its yard in Hamriyah. The construction phase of this project is expected to take approximately 18 months. This is the second rig that Lamprell will construct for Jindal, following on from the announcement on 8 November 2011 pursuant to which Lamprell is constructing a Super 116E rig for delivery to Jindal in November 2013.

As part of the contract, Jindal has an option for Lamprell to build a further jackup rig, exercisable during a period of 6 months from the effective date of the contract.

Peter Whitbread, Chief Executive Officer, Lamprell, said:

"We are delighted to be announcing a new contract win from Jindal for the construction of a Super 116E jackup rig. This is our second order from a highly valued customer and it further underlines both Lamprell's strong position within the market for jackup rigs as well as the continuing support of our existing customers. We have developed an excellent working relationship with Jindal and we look forward to delivering successfully on this crucial project."

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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