Lamprell Awarded $51M Contract to Upgrade and Refurbish Al Ghallan

Lamprell has been awarded a $50.9 million contract by the National Drilling Company ("NDC") to upgrade and refurbish the Al Ghallan jackup drilling unit. This project, which is part of the NDC strategic Rig Integrity Assurance Program, is a significant win for Lamprell and follows the successful completion of the NDC Junana upgrade project in 2007.

The contract covers all aspects of the project execution including the construction of a new cantilever, substructure, drill floor and accommodation block. In addition there will be significant condition based refurbishment of hull steel work, fluid systems and the rig will be completely repainted. The work will be undertaken at the Company's Sharjah refurbishment facility beginning in the second quarter of this year and it is expected that the unit will be in Sharjah for approximately eight months.

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