Lamprell to build more rigs for Abu Dhabi

Oil and gas engineering firm Lamprell said it was to build two further rigs for Abu Dhabi's National Drilling Company.

The company already has four of the jackup rigs under construction for the Middle Eastern company.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

The work will be performed at Lamprell's Hamriyah facility, in Sharjah in the United Arab Emirates.

"This is another significant contract award, demonstrating the health of the market for jackup rigs, and reflecting Lamprell's strong reputation for quality and service, whilst further extending our growing order book," said Chief Executive Nigel McCue.

The rigs consist of triangular hulls and three 310 foot truss type legs per rig, each leg with an electro-mechanical rack and pinion elevating system, which will allow drilling in depths of up to 200 feet of water with a rated drilling depth of 30,000 feet.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.