Lamprell announces new Thailand deepwater facility; $26 million in rig contracts
Offshore staff
SATTAHIP, Thailand -- Lamprell has signed a lease for a refurbishment facility in Thailand and announced related drilling rig upgrade contracts.
Lamprell has signed an initial five-year lease for a 46,950 sq m (505,366 sq ft) facility with 158 m (518 ft) of exclusive deepwater quay side in Sattahip, Thailand. Lamprell will commence the enhancement of the facilities shortly and anticipates executing the first revenue generating project in the 4Q 2008, with full operations expected to commence in 2009.
During March and April 2008, contracts were secured from several clients to undertake eight jackup upgrade and refurbishment projects. These projects, to be undertaken for Maersk Contractors, Aban Pte Ltd., Rowan Companies Inc., Diamond Offshore Drilling Ltd., Transocean Offshore International Ventures Ltd., Transocean Mediterranean and Red Sea Drilling Ltd., and Hercules Offshore Middle East Ltd., will be executed at Lamprell's Sharjah and Hamriyah facilities.
The combined initial contract value is $25.8 million, with the final account value conservatively forecast to be between $50 million and $55 million, as significant work scope growth is anticipated on several of the projects.
05/06/08
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