On Behalf of

Business & Finance Club - Oil and Gas - Dubai: UAE-based oil and gas engineering and construction firm Lamprell Energy has completed a $176 million (Dh 646.3 million) second jack-up drilling rig called Offshore Mischief for Scorpion Offshore.

The rig manufacturer saw revenues fall last year when oil prices fell to as low as $47 per barrel and many oil projects were put on hold. Revenues dropped 42.5 per cent last year to $425.6 million compared to 2008's record business.

Repairs

One of the projects delivered include a $112 million jack-up vessel for installing wind energy turbines and offshore production maintenance.

The engineering company currently has 18 rigs in Sharjah and Hamiriya, Ajman Yards undergoing refurbishment and repairs, said Ian Anderson, marketing manager for the UAE facility.

Lamprell recently signed two jack-up new-build wind turbine installation vessels for Windcarrier in Norway worth $320 million. Additionally, it has ongoing projects for Saipem and other clients totalling $110 million.

"We have an order book valued at $633 million, and a healthy bid pipeline of $3.7 billion," Anderson said. Spurred by stabilising crude oil prices at around $85 per barrel, the local company is experiencing a "return of confidence" in the regional offshore market, he said.

Lamprell signed the Mischief contract in summer 2007 and completed design work, hull fabrication and outfitting of the 110-man living quarters at its Hamriyah facility. It then installed the remaining leg sections to a height of 477 feet, and all other drill equipment.