Lamprell, a UAE-based company listed on the London Stock Exchange, has won a contract to build and deliver 29 oil production modules, weighing a total of 10,000 tonnes, to PetroFac Emirates.
PetroFac Emirates tendered the bid after it was selected by the Zakum Development Company (Zadco) to develop Abu Dhabi’s Upper Zakum field, which lies in the Gulf, north-west of Abu Dhabi and to the east of Das Island.
Lamprell is to begin delivery of the modules in the second quarter of next year, and expects to deliver its last module in the first quarter of 2016.
Lamprell declined to state the value of the deal.
“We are pleased to announce this new contract from Petrofac, for whom Lamprell completed similar works last year for the Laggan Tormore development in the North Sea,” said James Moffat, Lamprell’s chief executive. “We have established a strong track record in the offshore and onshore construction sector which is one of Lamprell’s core markets, and we continue to see further growth opportunities.”
In afternoon trading in London yesterday, Lamprell’s shares were up 4.7 per cent at 153.00 pence each. That was very near the 52-week high of 153.89 pence a share, and up by roughly a third from the 52-week low of 113.27 pence a share, which was touched in mid-March.
The company earned net profit of US$40.2 million on revenues of $1.091 billion last year.
Zadco was established in 1997 to develop the Upper Zakum Field.
The field is the second largest field in the Gulf and the fourth largest in the world.
Zadco is a wholly-owned subsidiary of Abu Dhabi National Oil Company. ExxonMobil and the Japan Oil Development Company are minority shareholders.
PetroFac Emirates was launched as a joint venture between London-based PetroFac and Mubadala Petroleum. Mubadala divested in July last year, splitting its stake between PetroFac, which now owns 75 per cent of the company, and Nama Project Services, based in Abu Dhabi.
abouyamourn@thenational.ae
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