Lamprell has received a letter of intent ('LOI') from International Maritime Industries Company ('IMI'), the Saudi maritime joint venture in which Lamprell is a partner, confirming the intent to award Lamprell the contract for the construction and delivery of two jackup drilling units. The rigs will be built collaboratively between the IMI and Lamprell for delivery to IMI's end client. There are ongoing discussions between end client, IMI and Lamprell to conclude the specifications and contract terms which, once determined, will result in final contract signing for the rigs. Lamprell will provide a further announcement upon contract signing.
The rigs will be built according to the stringent Schedule G requirements for operations in Saudi Arabian waters. Lamprell will undertake most of the fabrication work for both jackup rigs at its Hamriyah yard, in the United Arab Emirates while maximizing work in Saudi Arabia to approximately 15% of the scope of work.
Christopher McDonald, CEO, Lamprell, said:
"I am very pleased to receive this letter of intent from IMI for the first 2 jackup rigs to be built by IMI and Lamprell. This is a significant step forward for the Saudi maritime yard. Following Lamprell's recent announcement regarding its ascension to Saudi Aramco's long term agreement programme, this is a further demonstration of the importance of the Saudi Arabian market to our strategic aspirations. The developing relationship between IMI and Lamprell will continue to be enhanced as we construct these rigs and we are excited by the opportunity to collaborate with them on such an innovative and important project."