Oilfield services and rig specialists Lamprell has announced on Friday the completion of construction of its first jackup rig for Abu Dhabi’s National Drilling Company (NDC).
Completion of the Makasib rig, which Lamprell says was accomplished on time and on budget, was marked at a ceremony at Lamprell’s Hamriyah facility in the UAE on 12 July, and the rig departed the facility on 23 August, going directly to her initial drilling location in the Zakum field offshore Abu Dhabi.
The rig, the first of a total of six being built for NDC by Lamprell, has a contract value of $168 million at completion. The contract was announced in July 2010.
Completion of the rig in keeping with contractual obligations is a positive development for Lamprell. The company’s share price was rocked earlier this year by a series of disclosures of deliverables and profitability problems that have driven the company to renegotiate the terms of it short term debt with lenders.
Analysts have advised that investors need to see consistent sound projects execution, as well as budget and timescale controls of projects in the company’s backlog to see confidence return to the firm.
Makasib is a 9,400-tonne LeTourneau Super 116E (enhanced), self-elevating, 310ft legs design, with a fully automatic drillfloor with vertical piperacker.
Commenting on the delivery Nigel McCue, Chief Executive Officer, Lamprell, said:
“This is a significant milestone for the Company, as this is the first new build jackup we have completed for NDC, now our biggest customer in the new build jackup segment. We are pleased to be delivering this rig on schedule and within budget to such an important and valued customer and to demonstrate our project execution capability.”
Abdalla Saeed Al Suwaidi, Chief Executive Officer, NDC, commented:
“Our relationship with Lamprell has been one of true partnership starting with the work that the Company has done for us on rig upgrades. Today, we are delighted to be marking the delivery of the first new build jackup rig built by the Group. We are confident that Lamprell will continue to support us in achieving our vision of becoming a regional symbol of excellence in drilling, work over and associated well services.”
