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Lamprell bags $186m Riginvest contract

London, June 16, 2008

UAE-based oil services firm Lamprell announced on Monday its biggest-ever contract, a $186 million drilling rig job.

Lamprell said it won the job, due for delivery in two years, from Riginvest, which had exercised an option transferred to it by Norwegian oilfield services group Scorpion Offshore.

Lamprell shares are up 0.2 percent to 553 pence at 1127 GMT, near its 590-pence peak.   'Scorpion is currently in a bid situation and we had expected the exercise of their options to be delayed until the outcome of the bid had been determined,' Oriel said in a note.

'It is encouraging to see that these options are transferrable.' Oriel added that if more of the options are exercised over the next year and a half, it would upgrade Lamprell's stock.

The Riginvest contract is for the construction and delivery of a completely outfitted and equipped 'LeTourneau' mobile offshore drilling platform that allows drilling in depths of up to 350 feet of water, Lamprell said in its statement.

Scorpion earlier this month advised shareholders to reject a takeover offer by Oslo-listed rival Seadrill, saying the price offered was inadequate.-Reuters




Tags: contract | Lamprell | drill rig | Riginvest |

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