13/02/2008
Specialist engineer Lamprell is heading to the London Stock Exchange from AIM after clinching a $50.9 million (£25.9 million) drilling unit upgrade order.
The order comes from the United Arab Emirates’ National Drilling Company (NDC) to upgrade and refurbish its Al Ghallan jack-up drilling unit, as part of its strategic ‘rig integrity programme’, and follows Lamprell’s successful completion last year of Junana, another NDC upgrade project. Isle of Man-based Lamprell intends to carry out the work in Port Khalid in Sharjah, one of its two facilities in the UAE.
Chairman and chief executive officer Peter Whitbread says the company, which floated on AIM in 2006, now plans to move its listing to the Main Market towards the end of this year through an introduction, with JPMorgan Cazenove as sponsor and broker. In preparation for this, he will step down from the chair, while remaining chief executive officer, and deputy chairman Peter Birch will become non-executive chairman.
As part of the board restructuring, non-executive officer Nigel McCue, former chief executive officer of Lundin Oil and currently boss of Toronto-listed Jura Energy, is to become chief operating officer of Lamprell, which increased profits 32 per cent to £18.1 million in the six months to June. The company recently said its order book had grown nearly 11 per cent to £290 million between August and December.
Recommended by Growth Company Investor in January last year at 230p, Lamprell shares bounded to 494p in October. They are now 368p, up 10p this morning, valuing the company at £736 million and the LSE move should provide renewed encouragement.
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