Lamprell, a UAE-based company listed on the London Stock Exchange, has won a contract to build and deliver 29 oil production modules, weighing a total of 10,000 tonnes, to PetroFac Emirates.
PetroFac Emirates tendered the bid after it was selected by the Zakum Development Company (Zadco) to develop Abu Dhabi’s Upper Zakum field, which lies in the Gulf, north-west of Abu Dhabi and to the east of Das Island.
Lamprell is to begin delivery of the modules in the second quarter of next year, and expects to deliver its last module in the first quarter of 2016.
Lamprell declined to state the value of the deal.
“We are pleased to announce this new contract from Petrofac, for whom Lamprell completed similar works last year for the Laggan Tormore development in the North Sea,” said James Moffat, Lamprell’s chief executive. “We have established a strong track record in the offshore and onshore construction sector which is one of Lamprell’s core markets, and we continue to see further growth opportunities.”
In afternoon trading in London yesterday, Lamprell’s shares were up 4.7 per cent at 153.00 pence each. That was very near the 52-week high of 153.89 pence a share, and up by roughly a third from the 52-week low of 113.27 pence a share, which was touched in mid-March.
The company earned net profit of US$40.2 million on revenues of $1.091 billion last year.
Zadco was established in 1997 to develop the Upper Zakum Field.
The field is the second largest field in the Gulf and the fourth largest in the world.
Zadco is a wholly-owned subsidiary of Abu Dhabi National Oil Company. ExxonMobil and the Japan Oil Development Company are minority shareholders.
PetroFac Emirates was launched as a joint venture between London-based PetroFac and Mubadala Petroleum. Mubadala divested in July last year, splitting its stake between PetroFac, which now owns 75 per cent of the company, and Nama Project Services, based in Abu Dhabi.
abouyamourn@thenational.ae
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360Vuz PROFILE
Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin
COMPANY%20PROFILE
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The UAE squad for the Asian Indoor and Martial Arts Games
The jiu-jitsu men’s team: Faisal Al Ketbi, Zayed Al Kaabi, Yahia Al Hammadi, Taleb Al Kirbi, Obaid Al Nuaimi, Omar Al Fadhli, Zayed Al Mansoori, Saeed Al Mazroui, Ibrahim Al Hosani, Mohammed Al Qubaisi, Salem Al Suwaidi, Khalfan Belhol, Saood Al Hammadi.
Women’s team: Mouza Al Shamsi, Wadeema Al Yafei, Reem Al Hashmi, Mahra Al Hanaei, Bashayer Al Matrooshi, Hessa Thani, Salwa Al Ali.
Company%20Profile
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Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
Hamilton’s 2017
Australia - 2nd; China - 1st; Bahrain - 2nd; Russia - 4th; Spain - 1st; Monaco - 7th; Canada - 1st; Azerbaijan - 5th; Austria - 4th; Britain - 1st; Hungary - 4th; Belgium - 1st; Italy - 1st; Singapore - 1st; Malaysia - 2nd; Japan - 1st; United States - 1st; Mexico - 9th
Company%20profile
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Results
4pm: Maiden; Dh165,000 (Dirt); 1,400m
Winner: Solar Shower; William Lee (jockey); Helal Al Alawi (trainer)
4.35pm: Handicap; Dh165,000 (D); 2,000m
Winner: Thaaqib; Antonio Fresu; Erwan Charpy.
5.10pm: Maiden; Dh165,000 (Turf); 1,800m
Winner: Bila Shak; Adrie de Vries; Fawzi Nass
5.45pm: Handicap; Dh175,000 (D); 1,200m
Winner: Beachcomber Bay; Richard Mullen; Satish Seemar
6.20pm: Handicap; Dh205,000 (T); 1,800m
Winner: Muzdawaj; Jim Crowley; Musabah Al Muhairi
6.55pm: Handicap; Dh185,000 (D); 1,600m
Winner: Mazeed; Tadhg O’Shea; Satish Seemar
7.30pm: Handicap; Dh205,000 (T); 1,200m
Winner: Riflescope; Tadhg O’Shea; Satish Seemar.
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
The%20specs
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UAE currency: the story behind the money in your pockets
Results
Ashraf Ghani 50.64 per cent
Abdullah Abdullah 39.52 per cent
Gulbuddin Hekmatyar 3.85 per cent
Rahmatullah Nabil 1.8 per cent
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
The Disaster Artist
Director: James Franco
Starring: James Franco, Dave Franco, Seth Rogan
Four stars
Company%20Profile
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COMPANY%20PROFILE%20
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COMPANY%20PROFILE
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Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
RACE CARD
6.30pm Maiden (TB) Dh82.500 (Dirt) 1,400m
7.05pm Handicap (TB) Dh87,500 (D) 1,400m
7.40pm Handicap (TB) Dh92,500 (Turf) 2,410m
8.15pm Handicap (TB) Dh105,000 (D) 1,900m
8.50pm UAE 2000 Guineas Trial (TB) Conditions Dh183,650 (D) 1,600m
9.25pm Dubai Trophy (TB) Conditions Dh183,650 (T) 1,200m
10pm Handicap (TB) Dh102,500 (T) 1,400m
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The Specs
Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE
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You Were Never Really Here
Director: Lynne Ramsay
Starring: Joaquim Phoenix, Ekaterina Samsonov
Four stars
SQUADS
South Africa:
Faf du Plessis (capt), Hashim Amla, Temba Bavuma, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, JP Duminy, Imran Tahir, David Miller, Wayne Parnell, Dane Paterson, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada
Coach: Ottis Gibson
Bangladesh:
Mashrafe Mortaza (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Mustafizur Rahman, Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shakib Al Hasan, Soumya Sarkar, Tamim Iqbal, Taskin Ahmed.
Coach: Chandika Hathurusingha
Drivers’ championship standings after Singapore:
1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68
Start times
5.55am: Wheelchair Marathon Elites
6am: Marathon Elites
7am: Marathon Masses
9am: 10Km Road Race
11am: 4Km Fun Run
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
THE SPECS
Engine: AMG-enhanced 3.0L inline-6 turbo with EQ Boost and electric auxiliary compressor
Transmission: nine-speed automatic
Power: 429hp
Torque: 520Nm
Price: Dh360,200 (starting)