Lamprell Reaches Amicable Settlement With Schlumberger's Cameron

Features Dow Jones Newswires

Oil services company Lamprell PLC (LAM.LN) Tuesday said it reached an amicable settlement with Schlumberger Ltd (SLB) subsidiary Cameron International Corporation related to issues with equipment supplied by Cameron in 2016.

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The settlement included Lamprell receiving some remedial costs, but will leave its net cash position largely unchanged, Lamprell said.

Lamprell also announced that it held constructive talks with Schlumberger, leading to Lamprell winning a rig contract with Schlumberger. Lamprell didn't disclose financial details for the contract.

-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

(END) Dow Jones Newswires

August 15, 2017 03:05 ET (07:05 GMT)