18 June 2010
LAMPRELL PLC
("Lamprell" or the "Company")
LAMPRELL ANNOUNCES US$ 129.0 MILLION CONTRACT AWARD
Lamprell (ticker: LAM), a leading provider of specialist engineering services to the international oil & gas and renewables industry, is pleased to announce that it has received a US$ 129.0 million new contract award from Seajacks 3 LTD ("Seajacks").
New contract awards
Lamprell is pleased to announce that it has been awarded a significant contract from Seajacks. The Engineering, Procurement & Construction contract is valued at US$ 129.0 million and is for the design, construction and delivery of a Gusto MSC NG-5500 design self-elevating and self-propelled offshore wind turbine installation vessel. The vessel, named "Seajacks Zaratan", will be constructed at Lamprell's Hamriyah facility and is due to be delivered in 2012.
The design weight of this class leading and state of the art jackup vessel exceeds 10,000 tonnes. The vessel is equipped with dynamic positioning, high speed jacking systems, an 800Te crane and a propulsion system that is designed to allow the vessel to sail at a speed of 9 knots. The unit includes accommodation for 90 personnel and has a payload capacity of 2850Te.
As part of the contract, Seajacks has an option for Lamprell to build a second vessel valued at US$ 129.0 million with a 12 month exercise period.
Nigel McCue, Chief Executive Officer, Lamprell commented:
"This award is significant because it marks another major contract for us in what has already been a busy year for new business. We believe it reinforces the value of our reputation for high quality execution of contracts, both on time and within budget, and we are delighted to be working with Seajacks once again. Coming as it does after the Fred Olsen contract for two wind turbine installation vessels earlier this year, this win reaffirms our belief that we are well positioned to be leaders in the provision of such liftboats, a market we believe will continue to expand rapidly as the offshore wind sector pursues its ambitious expansion plans."
Enquiries:
Lamprell plc +44 (0) 207 920 2347
Jonathan Silver, Chairman
Nigel McCue, Chief Executive Officer
Scott Doak, Chief Financial Officer
M:Communications, London
Patrick d'Ancona +44 (0) 207 920 2347
Georgina Briscoe +44 (0) 207 920 2348
Notes to editors
Lamprell, based in the UAE, has played an increasingly prominent role in the development of the offshore industry in the Arabian Gulf for over 30 years, in later years providing specialised services to the offshore oil and gas industry.
· Lamprell's three primary facilities are in Port Khalid and the Hamriyah Free Zone, in the Emirate of Sharjah, and in the Jebel Ali Free Zone, in the Emirate of Dubai, all of which are in the UAE.
· The principal markets in which Lamprell operates, and the principal services it provides, are:
o Engineering, procurement and construction of jackup rigs, liftboats and drilling related equipment;
o Upgrade and refurbishment of offshore jackup rigs;
o New build construction for the offshore oil and gas sector, including Floating Production, Storage and Offloading systems and other offshore and onshore structures; and
o Oilfield engineering services, including the upgrade, refurbishment and new building of land rigs.