Lamprell plc New Contract Award (5361L)
December 27 2018 - 3:12AM
UK Regulatory
TIDMLAM
RNS Number : 5361L
Lamprell plc
27 December 2018
27 December 2018
LAMPRELL PLC
("Lamprell" and with its subsidiaries the "Group")
NEW CONTRACT AWARD
Lamprell is pleased to announce that it has received a letter of
intent ('LOI') from International Maritime Industries Company
('IMI'), the Saudi maritime joint venture in which Lamprell is a
partner, confirming the intent to award Lamprell the contract for
the construction and delivery of two jackup drilling units. The
rigs will be built collaboratively between the IMI and Lamprell for
delivery to IMI's end client. There are ongoing discussions between
end client, IMI and Lamprell to conclude the specifications and
contract terms which, once determined, will result in final
contract signing for the rigs. Lamprell will provide a further
announcement upon contract signing.
The rigs will be built according to the stringent Schedule G
requirements for operations in Saudi Arabian waters. Lamprell will
undertake most of the fabrication work for both jackup rigs at its
Hamriyah yard, in the United Arab Emirates while maximizing work in
Saudi Arabia to approximately 15% of the scope of work.
Christopher McDonald, CEO, Lamprell, said:
"I am very pleased to receive this letter of intent from IMI for
the first 2 jackup rigs to be built by IMI and Lamprell. This is a
significant step forward for the Saudi maritime yard. Following
Lamprell's recent announcement regarding its ascension to Saudi
Aramco's long term agreement programme, this is a further
demonstration of the importance of the Saudi Arabian market to our
strategic aspirations. The developing relationship between IMI and
Lamprell will continue to be enhanced as we construct these rigs
and we are excited by the opportunity to collaborate with them on
such an innovative and important project."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
- Ends -
Enquiries:
Lamprell plc
Maria Babkina, Investor Relations +44 (0) 7852 618 046
Tulchan Communications, London +44 (0) 207 353 4200
Martin Robinson
Martin Pengelley
Legal Entity Identifier of the Company: 2138008NUMXRMIEDF538
Classification: Additional regulated information required to be
disclosed under the laws of a Member State
Notes to editors
Lamprell PLC, based in the United Arab Emirates ("UAE") and with
over 40 years' experience, is a leading provider of fabrication,
engineering and contracting services to the offshore and onshore
oil & gas and renewable energy industries. The Group has
established leading market positions in the fabrication of
shallow-water drilling jackup rigs, liftboats, land rigs, and rig
refurbishment projects, and it has an international reputation for
building complex offshore and onshore process modules and fixed
platforms.
Lamprell employs more than 3,000 people across multiple
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 joint venture
agreement). Combined, the Group's facilities cover approximately
812,000 m2 with 1.6 km of quayside.
Lamprell is listed on the London Stock Exchange (symbol
"LAM").
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
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