COMPLETION OF JACKUP RIG

24 August 2012

Lamprell

("Lamprell" or the "Group")

COMPLETION OF JACKUP RIG CONSTRUCTION FOR ABU DHABI'S NATIONAL DRILLING COMPANY

Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewables industry, has announced the completion of construction of the jackup rig Makasib and its delivery to Abu Dhabi's National Drilling Company ('NDC').

Completion of the jackup rig, within budget, was marked at a ceremony at Lamprell's Hamriyah facility in the UAE on 12 July, and the rig departed the facility on 23 August, going directly to her initial drilling location.

The Makasib, the first of a total of 6 rigs being built for NDC by Lamprell, has a contract value of US$ 168 million at completion. The contract was announced in July 2010.

The rig, which weighs approximately 9,400 tonnes, is a LeTourneau Super 116E (enhanced), self-elevating, 310ft legs design, with a fully automatic drillfloor with vertical piperacker. The rig will now travel to the Zakum Field, Arabian Gulf.

Commenting on the delivery Nigel McCue, Chief Executive Officer, Lamprell, said:

"This is a significant milestone for the Company, as this is the first new build jackup we have completed for NDC, now our biggest customer in the new build jackup segment. We are pleased to be delivering this rig on schedule and within budget to such an important and valued customer and to demonstrate our project execution capability."

Abdalla Saeed Al Suwaidi, Chief Executive Officer, NDC, commented: 

"Our relationship with Lamprell has been one of true partnership starting with the work that the Company has done for us on rig upgrades. Today, we are delighted to be marking the delivery of the first new build jackup rig built by the Group. We are confident that Lamprell will continue to support us in achieving our vision of becoming a regional symbol of excellence in drilling, work over and associated well services."

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Notes to editors

Lamprell, based in the United Arab Emirates ("UAE"), and with operations throughout the region, has played a prominent role in the development of the offshore industry in the Arabian Gulf for over 30 years and is the regional market leader in the rig market. Lamprell is a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries.

Lamprell employs approximately 11,300 people, including contract labour, across six facilities, with its primary facilities located in Hamriyah, Sharjah and Jebel Ali, all of which are in the UAE. In addition, the Group has facilities in Saudi Arabia (through a JV agreement) and Kuwait. Combined, the Group's facilities provide a total area of over 925,000 m² with 2.2 km of quayside.

Oil & Gas

·; New Build Offshore

·; New Build Jackup Drilling Rigs

·; Rig Refurbishment

·; Engineering & Construction

·; Land Rig Services

Renewable Energy

·; Wind Farm Installation Vessels

·; Transformer Stations (AC & DC)

·; Wind Turbine Foundations

Services

·; Engineering Services

·; INSPEC (NDT, Mechanical & Calibration Services)

·; Sunbelt H2S Safety Services

·; Operations & Maintenance

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