26th Nov 2018 09:27
LONDON (Alliance News) - Oil rig construction group Lamprell PLC said on Monday it has been selected as a contractor for oil giant Saudi Aramco's long-term agreement for offshore facilities programme.
The programme is part of an offshore investment programme, which will cover engineering, procurement, construction, transportation and installation contracts to support Saudi Aramco's offshore work.
Working alongside Dutch marine contractor Royal Boskalis Westminster NV, Lamprell will deal with the engineering, procurement and construction of offshore structures, such as topsides and jackets.
Topsides consist of any part of an oil rig above the waterline, while jackets are the steel frame that supports the deck.
Boskalis, meanwhile, will be responsible for the transport and installation of these structures, as well as specialist subsea activities, including pipeline and cable installations.
Within the agreement, investments can exceed USD3 billion per annum with an initial programme of six years, with Saudi Aramco holding options to extend for a further three years.
"I am delighted to be able to announce that Lamprell has been chosen by Saudi Aramco to be part of the LTA programme. This is one of the most sought-after and selective processes in the industry, and the award advances our strategic aspirations with respect to both Saudi Arabia and the EPCI sector, as well as cementing our relationship with an industry partner in Boskalis," said Chief Executive Officer Christopher McDonald.
Shares in Lamprell were up 6.3% at 64.50 pence on Monday.
Related Shares:
LAM.L