Lamprell expects intense competition for new projects

Lamprell, a builder of offshore drilling rigs, with construction facilities in the U.A.E, expects 2015 to be a challenging year.

The company has said that while 2014 was an exceptionally strong year for Lamprell, that level of performance will not be replicated in
2015 due to Lamprell’s projects being at different stages in their construction cycles and the weaker market environment. recently.

In 2014, Lamprell has said, the company saw a strong rate of conversion of its bid pipeline with six new build jack-up rig orders won and several smaller awards signed.

In the second half of the year, Lamprell started construction for four new build jackup rigs, two for Ensco rigs and two for Shelf Drilling.

In total, seven new build jack-up drilling rigs are presently being built in the company’s Hamriyah facility. Also, a module construction project for 29 piperacks is being built for Petrofac in our Jebel Ali yard. Additionally, there are ten rig refurbishment projects underway across the company’s Hamriyah and Sharjah facilities.

Also, the company has said that the construction of the two new build jack-up rigs recently awarded by NDC is due to start shortly

Challenging year ahead

“The effects of the announced reductions in capital expenditure from many operators are already having an impact on global markets and are expected to affect Lamprell’s bid pipeline. We anticipate intense competition with a large number of players chasing fewer projects, leading to increased pressure on margins, ” the rig builder has said.

Jim Moffat, Chief Executive Officer, Lamprell, said: “With the recent slump in the oil price, winning work in 2015 is going to be a challenge as the industry adjusts to the new realities. We are entering this period in a position of relative strength with a strong balance sheet and a high backlog. We will continue to focus on maintaining our competitive position in the sector.”

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply