Lamprell Secures Initial Saudi Arabia Deal To Deliver Two Jack-Up Rigs

      Published on Saturday, 29 December , 2018      411 Views     
Lamprell Secures Initial Saudi Arabia Deal To Deliver Two Jack-Up Rigs


Oil rig maker Lamprell PLC said Thursday it had received a letter of intent from its Saudi Arabian joint venture to supply two jack-up drilling rigs to a client.



United Arab Emirates-based Lamprell said that International Maritime Industries Co confirmed its intent to award the contract for the construction and delivery of two jack-up drilling units to an end client of IMI.

The rigs will be built collaboratively between Lamprell and IMI, a Saudi Arabian joint venture in which Lamprell is a partner.

IMI and Lamprell are in ongoing discussions with the unnamed end client regarding the specifications and contract terms of the deal.

Once these have been determined a final contract will be signed and Lamprell will make a further announcement.

“I am very pleased to receive this letter of intent from IMI for the first two jackup rigs to be built by IMI and Lamprell,” Lamprell Chief Executive Officer Christopher McDonald said. “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,” McDonald added. “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.”



Shares in Lamprell were 1.7% higher at 61.50 pence on Thursday.

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Category Business | 2018/12/29 latest update at 7:00 PM
Source : Morning Star | Photocredit : Google
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