Gulf Oil and Gas accountACCOUNT

Lamprell Provides an Update on Bassdrill Alpha

Source: 1/15/2010, Location: Middle East

Lamprell, a leading provider of specialist engineering services to the international oil & gas industry, provides an update on payments relating to the tender assist drilling barge, BassDrill Alpha, being built for BassDrill Alpha Limited (“BassDrill”).

Further to the announcement on 30 November 2009, Lamprell is pleased to confirm that it delivered its first new build tender assist drilling barge, BassDrill Alpha, on 14 January 2010.

Lamprell confirms it has received Final Payment from BassDrill, totalling US$ 60 million, comprising of US$ 55 million in cash and 28,000,000 shares in BassDrill, which represents 20% of the equity of BassDrill, equivalent at the subscription price of US$0.1786 to US$ 5 million and is subject to an option agreement.

Lamprell, based in the UAE, has played an increasingly prominent role in the development of the offshore industry in the Arabian Gulf for over 30 years, in later years providing specialized services to the offshore oil and gas industry. Lamprell's three primary facilities are in Port Khalid and the Hamriyah Free Zone, in the Emirate of Sharjah, and in the Jebel Ali Free Zone, in the Emirate of Dubai, all of which are in the UAE.

The principal markets in which Lamprell operates, and the principal services it provides, are: upgrade and refurbishment of offshore jackup rigs; engineering, procurement and construction of jackup rigs, liftboats and drilling related equipment; new build construction for the offshore oil and gas sector, including Floating Production, Storage and Offloading systems and other offshore and onshore structures; and oilfield engineering services, including the upgrade, refurbishment and new building of land rigs.

Barges News in United Arab Emirates >>

Qatar >>  6/1/2020 - Qatar Petroleum entered into three agreements to reserve LNG ship construction capacity in the Republic of Korea to be utilized for Qatar Petroleum’s ...
Saudi Arabia >>  5/29/2020 - Advanced Petrochemical Company (ADVANCED) announces the signing of Shareholders Agreement between Advanced Global Investment Company (“AGIC”, a subsid...

United Arab Emirates >>  5/20/2020 - Lamprell, through its site services business, has been selected by Sharjah National Oil Corporation (SNOC) to undertake a medium-sized* engineering, ...
United Arab Emirates >>  5/18/2020 - McDermott International, Inc. has been awarded a sizeable* contract from a Middle East customer to carry out front-end engineering and design (FEED) w...

Saudi Arabia >>  5/14/2020 - Fluor Corporation was named project management consultant for Advanced Global Investment Company’s (AGIC) new propane dehydrogenation, polypropylene a...
United Arab Emirates >>  5/11/2020 - Penspen has been awarded a contract by Target Engineering Construction Co LLC for slug catcher replacement support on a project on Zirku Island in UAE...

Related Categories: Barges  Boats  Commercial Vehicles - Buses  Commercial Vehicles - Trucks  Float Equipment  Flotation Cells  General  Helicopter  Passenger Cars  ROV  Tires  Vehicle Parts 

Related Articles: Barges  Boats  Commercial Vehicles - Buses  Float Equipment  Flotation Cells  General  Helicopter  ROV  Tires  Vehicle Parts 

United Arab Emirates Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.