13th Feb 2007 07:01
Lamprell Plc13 February 2007 LAMPRELL PLC ("Lamprell" or the "Company") ANNOUNCES CONFIRMATION OF US$ 224M SEAJACKS CONTRACTS Lamprell plc, based in the United Arab Emirates and listed on London AIM(symbol: LAM) is a leading provider of specialist engineering services to theinternational oil & gas industry. Lamprell is pleased to announce that thecontracts from Seajacks International Limited ("Seajacks"), for the constructionof two harsh environment special purpose self propelled four legged jackupvessels, announced on 1 February, 2007, have now come into effect followingSeajacks' successful fund raising. Work on the projects will begin immediately and it is expected that the firstunit will be delivered to Seajacks in early 2009 with the second unit followingfour months later. Commenting on the award of these contracts, David Moran, Chief OperatingOfficer, Lamprell said: "We are delighted to hear that these contracts have now come into effect. Theprospect of being able to showcase our expertise and skills in the new buildarena through these projects is very exciting and we look forward to workingwith Seajacks on this and future projects." Enquiries: Lamprell plc. (+9716 528 2323)Peter Whitbread, Chairman and Chief Executive OfficerDavid Moran, Chief Financial Officer and Chief Operating Officer Citigate Dewe Rogerson, London (+44 207 638 9571)Media enquiries: Martin Jackson/George CazenoveAnalyst enquiries: Nina Soon NOTES TO EDITORs • Lamprell, based in the UAE, has played an increasingly prominent role in the development of the oil & gas industry in the Arabian Gulf for over 30 years, in later years providing specialised engineering services to the industry. • Lamprell's two primary facilities are in Port Khalid, in the Emirate of Sharjah, and in the Jebel Ali Free Zone, in the Emirate of Dubai, both of which are in the UAE. • The principal markets in which Lamprell operates, and the principal services it provides, are: - Upgrade and refurbishment of offshore jackup rigs; - New build construction for the offshore oil and gas sector, including Floating Production, Storage and Offloading ("FPSO") systems and other offshore and onshore structures; and - Oilfield engineering services, including the upgrade and refurbishment of land rigs. • Lamprell has grown strongly over the last four years, driven by buoyant conditions in the oil and gas industry and the increase in capacity with the opening of its facility in the Jebel Ali Free Zone in 2002. • Lamprell joined AIM, a market operated by London Stock Exchange plc, on 16 October 2006. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
LAM.L