Lamprell completes second Caspian Sea drilling unit

Lamprell completes second Caspian Sea drilling unit

DUBAI -- Lamprell successfully completed construction of the second Caspian Sea jackup drilling rig, the "Mercury".

Completion of this rig is another significant milestone for the Group, particularly as it has been built under challenging conditions but with an excellent safety record and several weeks ahead of schedule. In light of this and further to the company's announcement on Aug. 28, 2014, timely completion enables the company to release contingencies held in connection with this project which will have a significant positive impact on the 2014 financial results.

The "Mercury" is the second vessel that Lamprell has built for this client. Delivery of this rig will take place in the coming month and the rig is then expected to commence operations on its first contract elsewhere in the Caspian Sea alongside its sister vessel, the "Neptune" rig, which was delivered in November 2013. A number of key operational improvements, learnt from this first  rig project, were successfully implemented onto the "Mercury" project allowing Lamprell to complete as planned.