Lamprell to deliver Iraq offshore platform consignment

Offshore staff

SHARJAH, UAE – Leighton Offshore has contracted Lamprell to fabricate two topsides and jackets plus a metering skid and associated piping.

The facilities will be installed as part of the Iraq crude oil export complex reconstruction off Basra. Lamprell’s Sharjah yard will handle the $62-million construction program, with delivery scheduled for late 2012.

At the end of last year, Lamprell sold Hull 108, a jackup under construction by rival local fabricator Maritime Industrial Services which the company acquired last summer.

Hull 106, a sister rig built for Middle East Jackup I Co. (MEJU), has since been sold by MEJU to Compañia Perforadora Mexico (PEMSA), and should be delivered toward the end of February.

At that point, the final parcel of the purchase price and other fees will be payable to Lamprell, amounting to roughly $27 million.

Another MIS-built jackup, Hull 107, was delivered to KSAM2 Petrodrill Offshore in 2010. Last month the rig suffered a fire and explosion while operating offshore West Africa and the cause of the incident is under investigation.

Lamprell, via MIS, holds a 10% equity interest in KSAM2, the owner of the rig. At the time of the incident it was on bareboat charter to a third party. KSAM2 carries hull and machinery insurance for the full market value of the rig and Lamprell’s board is confident of recovery of this amount.

Finally, Lamprell has loaded out a newbuild LeTourneau Super 116E drilling rig for National Drilling Co. (Abu Dhabi). Rig NDC Muhaiyimat was built in Hamriyah and should be delivered this summer.

2/13/2012

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