Specialist oil & gas engineering group Lamprell (LSE: LAM) has received new contract awards, totalling US$51 million in aggregate. The company was awarded a US$16 million contract from Saipem SpA, a US$11.8 million contract from Japan Drilling Co and a further US$22.3 million was added to the order book at its Sharjah and Hamriyah Free Zone facilities in the United Arab Emirates.
Saipem contracted the company to construct two interconnecting accommodation modules with a helideck, providing accommodation for 140 people. The work will be carried out at Lamprell's Jebel Ali facility in Dubai and will be delivered to Saipem at the Jebel Ali quayside in December 2010. Saipem will then transport the modules to the Caspian Sea. The contract with Saipem, a long standing client of Lamprell, follows an earlier contract win from Saipem announced in November 2009.
The Japan Drilling contract is for the upgrade and refurbishment of a jackup drilling rig, the Sagadrill 2. The work will be carried out at Lamprell's facility in Sharjah, the UAEs third largest emirate state. Sagadrill 2 is expected to arrive in April 2010 and the refurbishment is expected to take three months to complete.
The remaining US$22.3 million in new business consist of new rig refurbishment contracts and further extensions to on-going refurbishment contracts. These works are being carried out at the Sharjah and Hamriyah Free Zone facilities.
http://www.proactiveinvestors.co.uk/companies/news/12919/lamprell-wins-rig-refurbishment-contracts-out-of-uae-worth-us51m-12919.html
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