Lamprell Delivers Jack-up Rig to Mexican Client

Lamprell, a provider of specialist engineering services to the international offshore and onshore oil & gas and renewables industries, has successfully delivered a jack-up drilling rig to its Mexican client.

The contract award from Compañía Perforadora Mexico S.A.P.I. DE C.V. (“PEMSA”), a subsidiary of Grupo Mexico, for the construction and delivery of Hull 108, a completely outfitted and equipped, Friede & Goldman designed, Super M2 self-elevating Mobile Offshore Drilling Platform, was announced on 28 December 2011. The rig is designed to operate in water depths of up to 300 feet and has a rated drilling depth of 30,000 feet.

Hull 108 was under construction by Maritime Industrial Services Co. Ltd. Inc. (“MIS”) at the time of its acquisition by Lamprell in July 2011. The fabrication of the jackup rig was completed in Lamprell’s Sharjah yard in U.A.E. and delivery has been completed on time.

As a result of the successful delivery of the rig, Lamprell will repay US$70 million of debt which is outstanding under MIS Acquisition Term Loan (‘Facility A”) and the Hull 108 Construction Term Loan (“Facility B”).

Commenting on the delivery Nigel McCue, Chief Executive Officer, Lamprell, said:

“We are delighted to be announcing the delivery of this rig on schedule and we continue to believe the Gulf of Mexico represents an exciting market for Lamprell. We look forward to working with PEMSA in the future.

We are also pleased to be clearing the debt related to the acquisition of MIS and also the project debt, which is in line with the commitments made at the time we acquired MIS. We believe this demonstrates the underlying strength of the Group’s balance sheet.”

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Offshore Energy Today Staff, June 15, 2012