SHARJAH, UAE – Middle East construction group Lamprell says it is on track to integrate the activities of Maritime Industrial Services (MIS), which it acquired in July.
It anticipates cost synergies of roughly $11 million/yr.
Completion of Hull 108 for a spec-built jackup is scheduled for 2Q 2012 at MIS’ Sharjah yard. The rig continues to draw interest from prospective purchasers.
Last month MIS delivered the completed Hull 106 to the client and the refurbished jackup Al-Bzoom to NDC in Abu Dhabi.
Also in October, resolution was finally achieved of a long-running dispute with one of MIS’ major customers, with payment being received this month.
So far in 2011, Lamprell has worked on refurbishment/upgrade programs for 28 rigs, with the Hamriyah facility working on 17 rigs and Sharjah working on 11 jackups.