The lengthy search for Jim Moffat’s successor at UAE rig builder Lamprell is over with Christopher McDonald unveiled as ceo and director.

Development of a new shipyard in Saudi Arabia has moved a step closer with Saudi Aramco, Bahri, Hyundai Heavy Industries (HHI) and Lamprell signing a joint development agreement (JDA).

The ceo and executive chairman of UAE rigbuilder Lamprell will be staying on until the end of the year as the search for their replacements.

UAE-based rig manufacturer Lamprell reported $66.5m net profit in 2015, a very healthy result although not matching the $93.2m that the company recorded in what it described as an ‘exceptional’ 2014. 

Hyundai Heavy Industries (HHI) and Lamprell Energy have taken over from lapsed partner Sembcorp Marine in a tie-up with Bahri (National Shipping Company of Saudi Arabia) and oil major Saudi Aramco to set up a new shipyard in the Middle East.

In a challenging market, Lamprell has won a Jack-Up rig order from National Drilling Company (NDC) Abu Dhabi.

UAE rigbuilder Lamprell expects its 2015 revenues to be 10% below previous expectations, as a lower oil price causes belt-tightening among its clients.

Lamprell has inked a $365m contract from National Drilling Company (NDC), Abu Dhabi, for two further jack-up drilling rigs.

Lamprell has won a $370m contract from Shelf Drilling for two high-spec jack-up drilling rigs built to the  Super 116E design.  

The Middle East’s biggest jack-up rig manufacturer is looking to diversify to shield it from the cyclicality of the global upstream oil and gas industry, a senior official told Seatrade Global last week in Dubai.