Jacktel issues Letter of Award to Lamprell

Reference is made to press release dated November 4, 2015. Jacktel AS (“Jacktel”), a wholly owned subsidiary of Master Marine AS, has issued a Letter of Award for a turn-key contract on a lump sum basis to Lamprell Energy Limited (“Lamprell”) for the procurement, construction and installation of extended legs and new suction caissons on the jack-up accommodation unit “Haven”.

Based on the engineering, which is executed in joint cooperation between Statoil and Jacktel, as well as contractual commitments in the contract with Lamprell, the expected cost of the upgrade has increased by approximately 17 MUSD. The cost increase is largely related to increased dimensions and weight related to legs and suction caissons due to detailed soil assessments. The contract value of the firm period of Jacktel’s contract with Statoil has been revised accordingly, and the increase will be distributed evenly over the firm contract period of 548 days.

As a part of the revised contract value, the parties have agreed that Statoil has additional rights to extend the contract, such that Statoil can extend the contract by 3 x 6 months plus 6 x 2 months. Statoil has the option to elect the order of the contract extensions to be exercised.

Jacktel will now commence work to complete the financing of the upgrade.

Master Marine is a Norwegian accommodation provider. The company has a strong track record in providing safe, efficient, reliable and comfortable accommodation services. The company has since commencement of services provided clients with 100 % uptime and strong HSE results.

Oslo 26.09.2016

For further information, please contact:
Bjørn Henriksen, Executive Chairman
Phone: +47 941 30 432