06/05/2008
Oil and gas engineering services group Lamprell has won contracts worth an initial $25.8 million (£14.9) million in the Middle East.
The AIM-quoted company, which plans to move to the Full List later this year, has won eight jack-up upgrade and upgrade contracts to be carried out at the company’s facilities in Sharjah and Hamriyah. The clients include Transocean Offshore International Ventures, Red Sera Drilling and Diamond Offshore Drilling.
Peter Whitbread, chief executive of Isle of Man-based Lamprell, argues that ‘once the final scopes of work are completed’, the final value of the contracts could be ‘more than double’ the initial £25.8 million. The company has recently been winning business in this region and its shares, recommended by Growth Company Investor at 230p early last year now trade at 456p, up 0.25p this morning.
They could outperform some sector peers.
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