Lamprell Wins $62millon Iraq Deal

Source: 2/13/2012, Location: Middle East

Lamprell, a leading provider of diversified engineering and contracting products and services to the onshore and offshore oil & gas and renewables industry, announces the award by Leighton Offshore Pte Ltd, a Singapore based company, of a contract for the fabrication of two topsides and jackets with metering skid and associated piping in connection with the Iraq crude oil export facility reconstruction, at a contract value of USD 62 million. The works will be performed at Lamprell’s Sharjah facility and are due for delivery in Q4 2012.

Further to the sale of Hull 108 announced on 28th December 2011, Hull 106, the sister vessel to Hull 108, which was built for Middle East Jackup I Company (MEJU), has been sold by MEJU also to Compania Perforadora Mexico S.A.P.I De C.V. (PEMSA), and delivery is expected to occur towards the end of February 2012. At that time, the final installment of the purchase price together with certain other fees will be payable to Lamprell, amounting to approximately USD 27 million.

Lamprell is also pleased to announce the successful launch of two of its new build offshore vessels, National Drilling Company (Abu Dhabi) Rig NDC Muhaiyimat, a LeTourneau Super 116E drilling rig, and Seajacks Zaratan, a GustoMSC 5500C wind farm installation vessel. The rigs were loaded out on the 25th and 30th of January respectively from the Company’s Hamriyah facility with expected delivery dates of Q3 and Q2 2012 respectively.

Hull 107, a rig built by Maritime Industrial Services Co. Ltd. Inc. (MIS) and delivered to KSAM2 Petrodrill Offshore Inc. (KSAM2) in 2010, suffered a major incident in January 2012 involving a fire and explosion whilst operating offshore in West Africa. The cause of the incident is currently under investigation. The Company, through MIS, holds a 10% equity interest in KSAM2, the owner of the rig. At the time of the incident the rig was on bareboat charter by KSAM2 to a third party. KSAM2 carries hull and machinery insurance for the full market value of the rig and the Company is confident that recovery will be made pursuant to this insurance.

Mr Richard Raynaut will be retiring from the Board at the next Annual General Meeting scheduled for June 2012. Mr Raynaut was appointed to the Board on 7 July 2006 and is currently the Chairman of the Audit Committee and is a member of the Nomination and Remuneration Committees. The Board would like to thank Mr Raynaut for his significant contribution to the success of the Company since its listing in 2006; Mr Raynaut is leaving the Board to pursue other interests. It is the intention of the Board to replace Mr Raynaut.

Nigel McCue, Chief Executive Officer, Lamprell, said: “Lamprell continues to make significant progress on a range of fronts. Iraq represents a key target market for Lamprell, and as such we are particularly excited to be announcing this significant new contract win with Leighton.

In addition, I am pleased to report the conclusion of the sales of Hulls 106 and 108, which we inherited through our acquisition of MIS last year, and the loading out of Rig NDC Muhaiyimat and Seajacks Zaratan. The successful, high quality execution of our projects remains the key to our business model.

I would also like to thank Richard Raynaut for his wise counsel and considerable contribution to the Board’s work over the last six years, and wish him the very best for his future endeavours.”

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Related Categories: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 

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