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Wednesday, January 17, 2018

Lamprell News

Saudi Aramco Shipyard Joint Venture Appoints CEO

(Photo: Saudi Aramco)

Saudi Aramco and its partners have appointed Fathi K. Al-Saleem as chief executive of a joint venture to build a shipyard on the kingdom’s east coast, part of the Saudi Arabian government’s drive to diversify the economy beyond oil. The state-owned oil giant said in a statement on Friday that International Maritime Industries (IMI) had been officially launched in partnership with National Shipping Co of Saudi Arabia (Bahri), engineering firm Lamprell Plc, and South Korea’s Hyundai Heavy Industries Co.

Lamprell Delivers Drilling Rig to Dev Drilling

Jindal Pioneer during its successful jacking trial held in December 2014

The Lamprell Group delivers its 12th Super 116E jackup drilling unit. Lamprell has announced the completion of construction on the jackup rig Jindal Pioneer and its delivery to Dev Drilling Pte Ltd of Singapore, a D. P. Jindal Group Company. The contract for the Jindal Pioneer rig was signed in January 2013 and this is the second rig with the LeTourneau Super 116E (Enhanced) Class design which Lamprell has delivered to this client. This latest rig has been delivered following the completion of the first rig…

Lamprell Delivers Rig to National Drilling Co.

NDC6 Butinah Naming Ceremony

Lamprell announced the construction of the jackup drilling rig, the “Butinah”, and delivery to Abu Dhabi’s National Drilling Company (NDC) safely and within budget. This comes following an announcement last week where NDC exercised one of its existing options and awarded a further contract to Lamprell to build a ninth rig in the series. The “Butinah” rig, which achieved an exceptional safety record, departed Lamprell’s Hamriyah facility on 1 May, and is sailing to its drilling location in the Zakum Field off Abu Dhabi.

Lamprell Delivers Jackup Rig to Greatship

Lamprell announced it has completed construction on jackup drilling rig Greatdrill Chaaru, delivering the rig to Greatship Global Energy Services Pte. Ltd. Greatdrill Chaaru has been designed according to the LeTourneau Super 116E (Enhanced) Class design. The rig’s construction was undertaken on a fast-track basis, completed 18 months after initial steel cutting. The naming ceremony was held at Lamprell’s Hamriyah facility in the UAE on February 9. Lamprell said Greatdrill Chaaru is due to sail to its drilling location in India within the next few days, joining its sister vessel, the Greatdrill Chaaya, which Lamprell delivered in January 2013. Both rigs are contracted to work for Oil and Natural Gas Corporation Limited (ONGC) in the offshore Indian territorial waters.

Lamprell Wins US$ 227 Million Contract for Jackup Rig

Lamprell, a leading provider of diversified engineering and contracting products and services to the onshore and offshore oil & gas and renewables industry,  announce that it has received a US$ 227 million new contract award from an international drilling contractor for the construction of a jackup rig. The contract 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, valued at US$ 227 million. The rig is designed to operate in water depths of up to 350 feet and will have a rated drilling depth of 30,000 feet. Fabrication will take place at Lamprell’s Hamriyah yard. The project is planned to be completed in Q4 2014.

Lamprell Benefits From US$ 333.3 Million Contract Option Exercise

Lamprell, a leading provider of diversified engineering and contracting products and services to the onshore and offshore oil and gas and renewables industry, announces the exercise by National Drilling Company ("NDC"), Abu Dhabi, of their options for Lamprell to build a further two jackup rigs in addition to the four rigs currently under construction by Lamprell for NDC. The new agreement with NDC is for the construction and delivery of two jackup rigs valued at US$ 166.65 million each. As with the existing rigs under construction, these additional rigs will be completely outfitted and equipped, LeTourneau designed, self- elevating Mobile Offshore Drilling Platforms of a Super 116E (Enhanced) Class design.

Lamprell First Half Results Beat Expectations

Muhaiyimat project for National Drilling Company (Photo: Lamprell)

Lamprell today announced its financial results for the first half of 2014, reporting results ahead of expectations due to strong operational performance and early results from savings initiatives, generating improved margins. Revenues rose by $125.7 million against H1 2013 as a result of the high H1 activity levels and phasing of construction activity during the period. According to Lamprell, successful rights issue and refinancing provides a strong financial platform and enables delivery of long-term growth strategy.

Lamprell Delivers Jackup Rig to NDC

Photo of the Naming ceremony Courtesy Lamprell

Lamprell announced the completion of construction on the jackup drilling rig, “Al Gharbia”, and its delivery to Abu Dhabi’s National Drilling Company (‘NDC’). Completion and delivery of the jackup rig, on time and on budget, was marked at an inauguration ceremony held at Lamprell’s Hamriyah facility in the UAE on 22 December. The rig will depart the facility in late December en route to its drilling location in Abu Dhabi. The contract for the NDC “Al Gharbia” rig was signed in November 2014 and this is the seventh rig in a series of nine rigs being built and delivered by Lamprell to NDC.

Jackup Rig Delivered to Abu Dhabi’s NDC

HE Sheikh Saud Bin Khalid Al Qasimi (center) cuts the ribbon for the NDC Shuwehat rig alongside Lamprell CEO Jim Moffat (right) and NDC Chief Executive Officer Abdalla Saeed Al Suwaidi (left)

Lamprell has completed the construction of jackup drilling rig, the Shuwehat, and has delivered the rig to Abu Dhabi’s National Drilling Company (NDC) within budget and as scheduled. The delivery follows Lamprell’s announcement on November 12 stating that the group received a new $365 million contract award from NDC for the construction of two further jackup drilling rigs of a similar design and specification. Shuwehat is the fifth in a series of eight rigs ordered in April 2012 with the LeTourneau Super 116E (Enhanced) Class design which are being built and delivered by Lamprell to NDC.

Lamprell to Deliver 2 Additional Rigs for NDC

NDC Chief ExecutiveOfficer, Abdalla Saeed Al Suwaidi, and Lamprell Chief Executive Officer, Jim Moffat, shake hands after signing the contract award for two further high specification jackup drilling rigs which NDC awarded to Lamprell

Lamprell received a new contract award valued at approximately $365 million from National Drilling Company (NDC) for the construction and delivery of two further high specification jackup drilling rigs of a Super 116E (Enhanced) Class. Lamprell was previously awarded contracts by NDC for a series of six identical rigs and is on schedule to complete construction of the final two jackup rigs, having already delivered the first four on time and on budget. As with the units under construction…

Lamprell Sells Services Division to Pay Down Debt

Reuters - Dubai based rig-maker Lamprell said on Monday it sold its International Inspection Services (INSPEC) division to Intertek for $66.2 million to reduce its debt and focus on its core business. Lamprell is attempting to pay down debt after a disastrous 2012 in which the company issued multiple profit warnings prompted by delays and cost overruns on its gas turbine repair vessels. Intertek will pay for INSPEC with cash and Lamprell said it would use part of the proceeds to pay down a substantial part of a secured debt facility put in place last year. INSPEC carries out inspections for infrastructure-intensive industries including desalination and energy projects.

LeTourneau, Lamprell Contract for Newbuild Jack-up Kit

LeTourneau Technologies, Inc. announced the sale of a second LeTourneau Super 116E Class jack-up rig kit to Lamprell Energy, Ltd., with final delivery expected by the end of 2008. The rig is to be built at Lamprell's Hamriyah facility located in the United Arab Emirates for Scorpion Offshore Ltd. Lamprell is currently building an initial Super 116E Class jack-up at the same location, also for Scorpion Offshore, under a license from LTI. This order is the 18th for the popular LeTourneau Super 116 series of jack-ups. The Super 116E Class is one of five current LTI jack-up rig designs, and an evolution of the LTI's industry workhorse 116-C Class design. The Super 116E provides up to 2,000 kip greater payload than its predecessor.

UAE Shipyard Wins Offshore Rig Contract

Lamprell signs contract to build & equip a LeTourneau designed, self-elevating Mobile Offshore Drilling Platform. The mobile platform is to a Super 116E (Enhanced) Class design, for operation in water depths of up to 350 feet and will have a rated drilling depth of 30,000 feet. Lamprell will fabricate the jackup rig in its yard in Hamriyah. The construction phase of this project is expected to take approximately 18 months. This is the second rig that Lamprell will construct for the Singapore-based Jindal Group. As part of the contract, Jindal has an option for Lamprell to build a further jackup rig, exercisable during a period of 6 months from the effective date of the contract.

Lamprell Issues Pre-close Trading Update

Photo courtesy of Lamprell

Lamprell published a trading update ahead of its results for the year ending December 31, 2014, stating it has delivered a robust operational and financial performance in 2014 as a result of strong project execution, favorable phasing of rig construction cycles and some one-off elements. The group reports it has seen a strong rate of conversion of its bid pipeline with six new build jackup rig orders won and several smaller awards signed recently. In the second half of the year, Lamprell commenced construction for four new build jackup rigs, two for Ensco rigs and two for Shelf Drilling.

Saudi Aramco Inks Deals to Build Gulf's Biggest Shipyard

File Image (CREDIT: AdobeStock / (c) Burnell11)

Bahri, Lamprell, Hyundai Heavy are partners and will build VLCC's starting in 2019. Saudi Aramco plans to build the Gulf's largest shipyard through a joint venture with three companies that it announced on Wednesday, a $5.2 billion project aimed at helping reduce the economy's reliance on oil. Low oil prices have drastically slowed Saudi Arabia's economy so it is trying to create manufacturing jobs and produce goods and services which traditionally it has imported. Its strategy is to use large amounts of government money and the procurement budgets of big state-run enterprises…

Eighth Lamprell Rig for NDC

Courtesy Lamprell

Lamprell announces the completion of construction on a further jackup drilling rig, the “Al Hudairiyat”, and its delivery to Abu Dhabi’s National Drilling Company (“NDC”), within budget and as scheduled. Completion and delivery of the jackup rig was marked at an inauguration ceremony held at Lamprell’s Hamriyah facility in the U.A.E. yesterday. The rig was completed to the highest standards of quality using the latest in drilling system technology from our suppliers and will depart the facility in Q1 en route to its drilling location in Abu Dhabi.

Lamprell Delivers Wind Turbine Installation Vessel 'Bold Tern'

Bold Tern: Photo credit Lamprell

The Wind Turbine Installation Vessel Windcarrier 2 has been delivered to Fred Olson from Lamprell's Jebel Ali UAE facility. The vessel will depart to its operating location in the North Sea shortly. With this delivery, the Group has now completed a total of five new build offshore wind turbine installation vessels with a sixth vessel currently under construction. Aside from the two Fred Olsen vessels, three others were delivered to Seajacks with one more, the "Hydra", under construction.

Lamprell to Refurbish MOS Jackup Rig

A MOS jackup rig: Image courtesy of MOS Group

Lamprell a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, has been awarded a contract valued at approximately US$ 64 million.by Millennium Offshore Services group (MOS) to convert its 'MOS Frontier' into an accommodation support vessel. The three-legged Type MLT116C jackup rig is a multi-purpose jackup unit capable of operating in water depths of 300 feet and it will be converted into an accommodation support vessel for the purpose of accommodating 290 personnel.

UAE-based Lamprell Leadership Shake-up

Lamprell, provider of diversified engineering & contracting services to the onshore and offshore oil & gas industries makes sweeping Board changes. Nigel McCue is standing down as Chief Executive and as a director of the Company. Peter Whitbread, former Chief Executive who was with Lamprell from 1992 until 2009, has been appointed as Interim Chief Executive and will join the Board with immediate effect. Jon Cooper, Chief Financial Officer and Chris Hand, Chief Operating Officer, are also standing down as directors but will remain with the Company in order to ensure continuity in senior roles until such time as suitable replacements are recruited.

Lamprell to Implement Software for Automated Manufacturing

Photo: Lamprell

U.A.E based offshore jackup rig builder Lamprell Energy Ltd., will implement SSI's EnterprisePlatform software solution to allow its engineering team to automate manufacturing processes. Acording to SSI (developer of ShipConstructor software), the immediate benefit will come from streamlining and automating Lamprell's processes used to control robotic machinery on the production floor (e.g. CNC Profiling Machines) based on information from the engineering department's ShipConstructor-based product data model.

Delivery of Seventh Drilling Unit to NDC

Photo courtesy of Lamprell

Lamprell (ticker: LAM), a provider of diversified engineering and contracting services to the energy industry, announced the completion of construction on the jackup drilling rig, Al Gharbia, and its delivery to Abu Dhabi’s National Drilling Company (NDC). Completion and delivery of the jackup rig, on time and on budget, was marked at an inauguration ceremony held at Lamprell’s Hamriyah facility in the UAE on 22 December. The rig will depart the facility in late December en route to its drilling location in Abu Dhabi.

Lamprell Delivers 9th Jackup Drill Rig to NDC

Photo: Lamprell

Lamprell announced the completion of construction of Al Lulu, the final jackup drilling rig in a series of nine delivered to Abu Dhabi’s National Drilling Company (NDC). The contract for the NDC Al Lulu rig was awarded in April 2015, one of only three rig orders awarded that year. All nine rigs have been designed according to the Cameron LeTourneau Super 116E (Enhanced) Class design and were completed to the highest standards of quality using the latest in drilling system technology, the builder said.

Lamprell's Revenue Falls 65 pct, Cuts FY Forecast

File Image (CREDIT: AdobeStock / (c) Nightman)

Oil rig builder Lamprell Plc reported a 64.7 percent fall in revenue in the first half of the year and cut its full-year forecast, hurt by lower activity levels across the industry. The company said it expected revenue for 2017 to be in the range of $370 million to $390 million, as it saw continuing low levels of walk-in work. Lamprell had forecast full-year revenue to be in the lower half of the $400 million-$500 million range in March. Lamprell, which runs three rig building yards in the UAE, said revenue fell to $159.2 million in the six months ended June 30 from $451.3 million a year ago.

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