Offshore staff
SHARJAH, UAE – Lamprell has confirmed a contract to fabricate and supply two new jackup drilling rigs, following a letter of intent issued in late 2018 by International Maritime Industries (IMI).
The company and IMI will build the Super 116E-design rigs collaboratively, with Lamprell’s share of the project value close to $350 million.
Most of the work will be performed at Lamprell’s UAE facilities with final commissioning works to be conducted in Saudi Arabia. The first rig should be completed in just over two years followed three months later by the second rig.
Lamprell expects to receive a 25% down-payment of $87.9 million later this month: during the current quarter the company is due to make a $25.8-million equity contribution to its investment in the new IMI construction site in Saudi Arabia.
01/20/2020
