Lamprell Announces US$ 129.0 Million Contract Award

Monday, Jun 21, 2010

Lamprell (ticker: LAM), a leading provider of specialist engineering services to the international oil & gas and renewables industry, is pleased to announce that it has received a US$ 129.0 million new contract award from Seajacks 3 LTD (“Seajacks”).

New contract awards

Lamprell is pleased to announce that it has been awarded a significant contract from Seajacks. The Engineering, Procurement & Construction contract is valued at US$ 129.0 million and is for the design, construction and delivery of a Gusto MSC NG-5500 design self-elevating and selfpropelled offshore wind turbine installation vessel. The vessel, named “Seajacks Zaratan”, will be constructed at Lamprell’s Hamriyah facility and is due to be delivered in 2012.

The design weight of this class leading and state of the art jackup vessel exceeds 10,000 tonnes. The vessel is equipped with dynamic positioning, high speed jacking systems, an 800Te crane and a propulsion system that is designed to allow the vessel to sail at a speed of 9 knots. The unit includes accommodation for 90 personnel and has a payload capacity of 2850Te.

As part of the contract, Seajacks has an option for Lamprell to build a second vessel valued at US$ 129.0 million with a 12 month exercise period.

Nigel McCue, Chief Executive Officer, Lamprell commented:

“This award is significant because it marks another major contract for us in what has already been a busy year for new business. We believe it reinforces the value of our reputation for high quality execution of contracts, both on time and within budget, and we are delighted to be

working with Seajacks once again. Coming as it does after the Fred Olsen contract for two wind turbine installation vessels earlier this year, this win reaffirms our belief that we are well positioned to be leaders in the provision of such liftboats, a market we believe will continue to expand rapidly as the offshore wind sector pursues its ambitious expansion plans.”

Source: Lamprell