Lamprell reaches settlement with Schlumberger; wins rig contract

Lamprell on Tuesday said it had reached “an amicable settlement” with Schlumberger unit Cameron International over issues associated with jacking equipment supplied by Cameron in 2016.

Under the settlement, Lamprell will receive 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 said it expected its current net cash position to be largely unchanged.

The company added that it had also won a contract from Schlumberger to build two land rigs for the Saudi Arabian market, and incorporating newly designed drilling equipment.