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 >>

Saudi Arabia >>  11/13/2019 - Sadara Chemical Company (Sadara) and Baker Hughes have signed agreements through which Sadara will supply feedstock chemicals to a Baker Hughes chemic...
Kuwait >>  11/12/2019 - Honeywell (HON) announced that Kuwait Integrated Petroleum Industries Company (KIPIC) has selected Honeywell Process Solutions (HPS) to be the main au...

United Arab Emirates >>  11/12/2019 - ADNOC LNG has concluded supply agreements with subsidiaries of BP and TOTAL, effectively booking out the majority of its LNG production through Q1 202...
United Arab Emirates >>  11/11/2019 - Penspen has been awarded a prestigious Project Management Consultancy (PMC) framework agreement from the Abu Dhabi National Oil Company (ADNOC). The f...

Oman >>  11/6/2019 - Rex International Holding subsidiary Masirah Oil has announced that it has awarded a drilling rig contract to Foresight Offshore Drilling, to utilize ...
United Arab Emirates >>  11/5/2019 - GMS announces the award of a 4-year contract (firm period) for a K-Class (Small) vessel. GMS's customer is a Middle East national oil company, for whi...

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  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 © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.