Fabricator Lamprell does not foresee the newbuild jackup rig market recovering in the near to mid-term, despite the recent oil price stability.
Offshore staff
SHARJAH, UAE – Fabricator Lamprell does not foresee the newbuild jackup rig market recovering in the near to mid-term, despite the recent oil price stability.
In its latest results review, the company said that oil producers are continuing to restrict capex, with few new project awards.
However,rig refurbishment is more solid, and Lamprell noted a recovery in new orders toward the end of last year, although the scope of work requested is more limited than in the past.
The company is now pinning much of its hopes on thenew maritime yard in Saudi Arabia. Construction of the complex started recently: Lamprell, one of the partners in the development, also pre-qualified for a long-term agreement with Saudi Aramco.
If successful, the company will be allowed to bid for around $3 billion of offshore EPC contracts each year.
