Lamprell extends rig options, adds new one to the mix

Butinah

Lamprell, a provider of fabrication, engineering and contracting services to the energy industry, has signed an agreement with its largest client to extend options for its next jack-up rigs and has agreed a new option. 

Lamprell and the National Drilling Company of Abu Dhabi (NDC) recently signed an agreement to extend the outstanding two options, and a new additional one, now due to expire at the end of the first quarter of 2016.

The outstanding two options were previously due to expire in the third quarter of 2015.

NDC exercised one of the options for the construction and delivery of a jack-up rig in April 2015 with a delivery planned for the second quarter of 2017. The rig, of a LeTourneau Super 116E design, will be constructed at Lamprell’s facility in Hamriyah, United Arab Emirates.

Lamprell has so far delivered six in a series of nine jack-up rigs to NDC, the latest one being the Butinah rig delivered in May 2015.

According to Lamprell, there are currently seven concurrent jack-up rigs being constructed in the Hamriyah yard, which is a record for the Group.

Separately, the company said that clients have been using its facilities to stack their rigs, with a total of eight rigs currently located across Lamprell’s yards.

As opposed to its peers that are feeling the pressure of the low oil price environment and trying to reduce its costs by cutting workforce and its spending, Lamprell said on Friday it remained on track to deliver 2015 results in line with previous guidance.

Lamprell’s results for 2015 will be heavily weighted towards the second half of the year due to the phasing of construction. As a result, over the last few months, the Group has increased its project workforce by approximately 1,500 people in line with the increased activity.

Offshore Energy Today Staff

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