Information  X 
Enter a valid email address

Lamprell plc (LAM)

  Print      Mail a friend       Annual reports

Friday 15 June, 2012

Lamprell plc

Delivery of Hull 108

RNS Number : 4283F
Lamprell plc
15 June 2012
 



 

15 June 2012

LAMPRELL PLC

("Lamprell" or the "Group")

 

LAMPRELL SUCCESSFULLY DELIVERS HULL 108  

Lamprell (ticker: LAM), a leading provider of specialist engineering services to the international offshore and onshore oil & gas and renewables industries, is pleased to announce that it has successfully delivered Hull 108.

 

The contract award from Compañía Perforadora Mexico S.A.P.I. DE C.V. ("PEMSA"), a subsidiary of Grupo Mexico, for the construction and delivery of Hull 108, a completely outfitted and equipped, Friede & Goldman designed, Super M2 self-elevating Mobile Offshore Drilling Platform, was announced on 28 December 2011. The rig is designed to operate in water depths of up to 300 feet and has a rated drilling depth of 30,000 feet.

 

Hull 108 was under construction by Maritime Industrial Services Co. Ltd. Inc. ("MIS") at the time of its acquisition by Lamprell in July 2011. The fabrication of the jackup rig was completed in Lamprell's Sharjah yard and delivery has been completed on time.

 

As a result of the successful delivery of the rig, Lamprell will repay US$70 million of debt which is outstanding under MIS Acquisition Term Loan ('Facility A") and the Hull 108 Construction Term Loan ("Facility B").

 

Commenting on the delivery Nigel McCue, Chief Executive Officer, Lamprell, said:

 

"We are delighted to be announcing the delivery of this rig on schedule and we continue to believe the Gulf of Mexico represents an exciting market for Lamprell. We look forward to working with PEMSA in the future.

 

We are also pleased to be clearing the debt related to the acquisition of MIS and also the project debt, which is in line with the commitments made at the time we acquired MIS. We believe this demonstrates the underlying strength of the Group's balance sheet."

  

- Ends -

 

Enquiries:

 

Lamprell plc

+44 (0) 207 920 2347

Nigel McCue, Chief Executive Officer

Jonathan Cooper, Chief Financial Officer




M:Communications, London


Patrick d'Ancona

+44 (0) 207 920 2347

Andrew Benbow

+44 (0) 207 920 2344

 



 

Notes to editors

Lamprell, based in the United Arab Emirates ("UAE"), and with operations throughout the region, has played a prominent role in the development of the offshore industry in the Arabian Gulf for over 30 years and is the regional market leader in the rig market. Lamprell is a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries.

 

Lamprell employs approximately 12,000 people, including contract labour, across six 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 JV agreement) and Kuwait. Combined, the Group's facilities provide a total area of over 925,000 m² with 2.2 km of quayside.

 

Oil & Gas

 

·     New build offshore

·     Rig refurbishment

·     Engineering & Construction

·     Land rig services

 

Renewable Energy

 

·     Wind farm installation vessels

·     Transformer stations

·     Foundations

·     Jackets, topsides and substructures 

 

Services

 

·     Engineering services

·     INSPEC (NDT and calibration services)

·     Sunbelt H2S safety services

·     Operations & Maintenance

 

www.lamprell.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCBKQDBFBKDQAD