Lamprell completes drilling barge

UAE fabricator Lamprell has delivered its first newbuild tender-assist drilling barge, the BassDrill Alpha.

Offshore staff

SHARJAH -- UAE fabricator Lamprell has delivered its first newbuild tender-assist drilling barge, the BassDrill Alpha.

In November, the company announced it had agreed to a reduced delivery payment from the client, BassDrill Alpha Ltd. (BassDrill), ending continuing uncertainty over the projects’ final outcome.

Lamprell has since received the $60 million negotiated settlement. This comprises $55 million in cash and 28 million shares in BassDrill – 20% of the latter’s equity.

Under the transaction, Lamprell has the option to sell these shares after 12 months at a favorable price. On the minus side, the arrangement was expected to result in a write-off of around $23 million in 2009, and a possible further write-off this year of up to $2.5 million.

01/15/2010

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