New rig contracts in the UAE worth nearly US$360m were highlighted in Lamprell’s recently published first half results, despite a 27.2 percent drop in revenue compared to the first half of 2009.
Lamprell had a total of thirty jackup rigs at its Hamriyah and Sharjah facilities during the first six months of 2010, delivering a revenue of $189.3m compared to $259.9m for the same period in 2009.
The company’s CEO, Nigel McCue said: “We have experienced a higher level of rig refurbishment activity through our facilities than in prior periods, although it continues to be at a lower level of average expenditure than previously.”
“Whilst we are experiencing a reduced level of offshore construction activity, mainly in the area of floating production, storage and offloading vessels, we remain confident of the long term future of this market sector,” he added.
In July the company won a $317m contract from Abu Dhabi’s National Drilling Company for two jackup rigs. Following the award to construct the two LeTourneau S116E jackup drilling rigs, construction activities have commenced on the first rig at the company’s new Hamriyah facility.
This particular rig was previously under construction for Riginvest G.P. and the engineering and procurement elements of this project are therefore well advanced, the company said. The procurement activities associated with the second rig have begun and construction of this unit will commence in the third quarter of 2010.
As part of the contract, NDC has options for Lamprell to build two further jackup rigs for $158.5m per rig, exercisable over the next eleven months. Each option includes additional optional equipment orders of $12.6m. (From
arabianoilandgas.com
)
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