TIDMLAM

RNS Number : 9819N

Lamprell plc

15 August 2017

15 August 2017

LAMPRELL PLC

("Lamprell" and with its subsidiaries the "Group")

SETTLEMENT WITH CAMERON

Lamprell announces that it has reached an amicable settlement with Cameron International Corporation ("Cameron"), a subsidiary of Schlumberger Limited ("Schlumberger") in respect of the issues associated with the jacking equipment supplied by Cameron in 2016.

The settlement results in Lamprell receiving a proportion of the remedial costs incurred in rectifying the issues associated with the jacking equipment. After taking account of the outstanding payment to Cameron in respect of the jacking equipment and the settlement, Lampell anticipates its current net cash position will be largely unchanged.

In addition, Lamprell has held constructive discussions with Schlumberger, the owner of Cameron since April 2016, with regards to Schlumberger's land rig fleet requirements. These talks led to Schlumberger awarding to Lamprell the contract to fabricate two land rigs according to Schlumberger's rig of the future design for the Saudi Arabian market, and incorporating newly designed drilling equipment. These are being constructed in Lamprell's existing facilities in the UAE.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

- Ends -

Enquiries:

 
  Lamprell plc 
   Christopher McDonald, Chief 
    Executive Officer                    +971 (0) 4 803 9308 
   Tony Wright, Chief Financial 
    Officer                              +971 (0) 4 803 9308 
   Maria Babkina, Investor Relations     +44 (0) 7852 618 046 
 
  Tulchan Communications, London    +44 (0) 207 353 4200 
   Martin Robinson 
   Martin Pengelley

Notes to editors

Lamprell PLC, based in the United Arab Emirates ("UAE") and with over 40 years' experience, is a leading provider of fabrication, engineering and contracting services to the offshore and onshore oil & gas and renewable energy industries. The Group has established leading market positions in the fabrication of shallow-water drilling jackup rigs, liftboats, land rigs, and rig refurbishment projects, and it also has an international reputation for building complex offshore and onshore process modules and fixed platforms.

Lamprell employs more than 5,000 people across multiple facilities, with its primary facilities located in Hamriyah, Sharjah and Jebel Ali, all of which are in the UAE. In addition, the Group has facilities in Saudi Arabia (through a joint venture agreement). Combined, the Group's facilities cover approximately 828,000 m2 with 1.9 km of quayside.

Lamprell is listed on the London Stock Exchange (symbol "LAM").

This information is provided by RNS

The company news service from the London Stock Exchange

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