Business & Finance Club - Abu Dhabi : Lamprell said yesterday it has received a $317 million (Dh1.1 billion) contract to provide jackup rigs to National Drilling Company, or NDC, the drilling arm of Abu Dhabi National Oil Company (Adnoc), with options for two more rigs, worth $158.5 million each and exercisable up to 12 months from August 1.

Each option includes additional optional equipment orders valued at $12.6 million (Dh46.27 million).

Chief Executive Nigel McCue said that this new contract brings the company's order book to around $900 million.

He also said that while he is happy with the contract, he doesn't see it as sign of a broader recovery in the newbuild market, but more as a sign of the strength of some national oil companies. The provider of specialist engineering services to the international oil and gas and renewables industry said work on the first rig will start Augist 1 with delivery scheduled for the middle of the second quarter 2012.