Lamprell Completes 2nd Caspian Sea Rig

Rig builder Lamprell reported Tuesday that it has successfully completed construction of its second jack-up rig for use in operations in the Caspian Sea, the 'Mercury'.

Lamprell said the completion of the rig is "another significant milestone for the group" after the rig was built under challenging conditions and weeks ahead of schedule. The company said the project will have a significant positive impact on its 2014 financial results.

The Mercury will be delivered during the coming month, after which it is then expected to start operations on its first contract in the Caspian Sea alongside its sister vessel, the 'Neptune, which was delivered in November 2013.

Lamprell CEO Jim Moffat commented in a company statement:

"I am delighted to report that we have completed the second drilling rig for use in the Caspian Sea, not only because of the significant beneficial impact on this year's results but also because of the exemplary safety record on a highly complex project in a remote location. As a result of the close teamwork between the Lamprell and client teams, the project achieved nearly four million man hours without a day away from work which is a world class achievement.

"Our strong operational performance both in the UAE and Astrakhan allowed us to take advantage of the milder recent weather and complete construction activities on the rig ahead of schedule.
"We would like to thank the client for entrusting us with this important project and we hope to work with them again in the future."

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