Lamprell Makes Steady Progress during 2H 2013

UAE-based rig builder Lamprell issued an operational update Thursday in which it said continued to make good progress between July 1 and November 13, successfully completing several key projects. The firm said it continues to see high demand for its core services with "a strong pipeline of opportunities".

Lamprell noted that it delivered its first Caspian Sea jack-up rig to a client during the period, while also delivering the final set of modules to a client for use in the North Sea. In addition, the firm completed and delivered the Jindal Start jack-up rig, a LeTourneau Super 116E rig with a self-elevated design, to Jindal Group for use offshore India; the project represented the 13th new-build jack-up rig that Lamprell has delivered.

Lamprell highlighted two new contracts it has been awarded during the second half of the year. In August, it won a contract from Greatships for the construction of a Super 116E jack-up rig, after previously delivering a Super 116E rig to Greatships in January this year.

In September, Lamprell was awarded a major rig conversion and refurbishment contract by Millennium Offshore Services Group. The contract is for the conversion of MOS Frontier – a three-legged Type MLT116C jack-up rig.

Lamprell said its net cash position at June 30 was $151 million, but this position would trend downwards towards the year-end in line with its normal project cycle.

Lamprell's order book at the end of October stood at $1 billion, compared with $1.1 billion at the end of June.

Lamprell CEO Jim Moffat commented in a company statement:

"We are pleased with the progress that group has made since the half year. Our project execution has been solid and we have again proven our ability to deliver projects to a high build quality and with a strong safety record.

"Looking forward into 2014, the group will be delivering a number of major projects and will be focussed on managing these projects actively to achieve timely deliveries. In the meantime, we have won important new orders in our chosen markets and will continue to prioritise the conversion of our substantial pipeline into new orders."

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