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Lamprell PLC - Hamriyah, United Arab Emirates-based provider of oil field services - Receives limited notice to proceed from Sausi-based contractor Bas Global Marine Services ahead of an expected contract award in the second quarter of 2022.
The work under the contract relates to the delivery and construction of multiple jack-up lift barges. Project activities will be done in Lamprell's Hamriyah facilities and start immediately, with the project on-track to be completed in the second half of 2023.
The contract is considered large, meaning its value is expected to come between USD51 million and USD150 million.
"We are very pleased to be working on this project in support of BGMS' contract with Saudi Aramco, a key customer for Lamprell for whom we are undertaking a number of other projects. We have a well-established and proven track record for constructing jack-up vessels for use in the offshore energy sector and we are confident of our ability to deliver this project safely and on time," says Chief Executive Christopher McDonald.
Current stock price: 38.25 pence, up 22% on Friday
12-month change: down 50%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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