Lamprell, Riginvest Ink $186MM Construction Contract for New Jackup

Lamprell announced the award of a significant contract from Riginvest G.P. for the construction of a LeTourneau Super 116E jackup drilling rig with a value of US$186 million for delivery in June 2010.

Riginvest is exercising the contract option which was novated to them by Scorpion Rigs Ltd, a subsidiary of Scorpion Offshore Ltd. This is the second option of the four options that Scorpion was granted in July 2007 for the construction of these units.

This contract with Riginvest is for the construction and delivery of a completely outfitted and equipped, LeTourneau designed, self-elevating Mobile Offshore Drilling Platform of a Super 116E (Enhanced) Class design. The Unit consists of a triangular hull and three 477 foot truss type legs, each with an electro-mechanical rack and pinion elevating system, which will allow drilling in depths of up to 350 feet of water.

The Unit's primary operating capabilities will include accommodation for a minimum of 105 personnel, a 70 foot cantilever reach with +/- 15 feet of transverse skidding for the drill floor and a rated drilling depth of 30,000 feet.

The contract is a lump sum turnkey contract that covers all aspects of the project execution.

"We are delighted that Riginvest has taken up Scorpion's second option for the construction of a LeTourneau Super 116E jackup drilling rig," said CEO Peter Whitbread. "This is Lamprell's largest contract to date, reflecting our strong reputation for quality and service, and further extends our growing order book."

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