Positive signs for Middle East jackup market

Fabricator Lamprell has issued an update on offshore business prospects.

Offshore staff

SHARJAH, UAE – Fabricator Lamprell has issued an update on offshore business prospects.

The company continues to see a steady flow of smaller rig refurbishment projects through its yards, having completed a 16 such projects already this year with a further six in progress.

This appears to be a positive trend for the jackup rig market in the Middle East region, as clients look to de-stack their rigs and renovate them prior to redeployment.

Development of Lamprell’s local capabilities and presence in Saudi Arabia remain another key focus, with the newIMI yard project progressing toward the construction phase.

Overall, although the market remains competitive, tendering activity has increased significantly, the board added, and Lamprell is currently bidding various major opportunities in oil and gas and renewables, as well as talking to different potential clients about new projects.

07/23/2018

More in Rigs/Vessels