24/06/2008
International drilling rig specialist BassDrill has awarded a £102.5 million contract to engineering group Lamprell.
Isle of Man-domiciled Lamprell, which provides engineering services to the oil and gas industry from its base in the United Arab Emirates, says the $204.5 million contract is for the construction of two ‘self-erecting tender-assist drilling units’, with each vessel fitted with living accommodation and a modular mast equipment package. The contract terms confirm the construction of the first unit, with the second conditional on BassDrill raising the finance for it.
Peter Whitbread, AIM-quoted Lamprell’s chief executive officer, says this is ‘the largest single contract awarded to the company to date. We now see our order book at an all-time high, with forward visibility well into 2010.’
Highlighted by Growth Company Investor at 230p at the beginning of last year, Lamprell shares have now reached 563.5p, up 29p this morning, valuing the company at £1.1 billion. Hold on.
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