Lamprell Locks Down $204.5MM BassDrill Contract

Lamprell has announced the award of a contract from BassDrill Limited, with a value of $204.5 million.

The contract is for the construction of two self erecting tender assist drilling units, each vessel complete with living accommodation and a modular mast equipment package. Under the contract, construction of the first unit is confirmed with work on the second unit conditional upon BassDrill raising the finance to fund the construction of the unit.

The award is a lump sum turnkey contract covering all aspects of the project execution. It is expected that the first unit will be delivered to BassDrill in September 2009, with the second unit scheduled for delivery in 2010.

"We are delighted to announce this news which represents the largest single contract awarded to Lamprell to date," said CEO Peter Whitbread. "This is a significant step in the planned growth of the Company as we seek to diversify our core offering and we see large scale engineering, procurement and construction of drilling and rig related equipment as a key component in our future growth strategy. With this recent award we now see our order book at an all time high, with forward visibility well into 2010."