31 July 2015

Rig contract cheers Lamprell

08/11/2011 Robert Tyerman

Oil and gas engineering specialist Lamprell (LAM) has won a mobile offshore drilling platform order from Singapore worth a rumoured £100 million.

The fully-listed company has not revealed the financial details but says the contract, with the Singapore arm of India's Jindal Pipes concern, is for a fully outfitted and equiped self-elevating mobile offshore platform, designed by the American Le Tourneau group in the Super 116E (Enhanced) Class.

Lamprell, which will build the jack-up rig at Hamriyah in the United Arab Emirates, says it is designed to operate in water depths of up to 350 feet, with a drilling depth of 30,000 feet. Chief executive officer Nigel McCue argues the Jindal order underlines the strength of the market for jack-up rigs and Lamprell's strong position in it.

This contract comes hard on the heels of two orders worth a combined £125 million placed with the company by Canada's Nexen Petroleum. It augurs well for Lamprell, which made operating oprofits of £13.3 million in the first half of this year on turnover doubled to £240 million.

Lamprell's shares have been voatile of late. Growth Company Investor highlighted them at 266.6p in August 2010 before suggesting partial profit taking last May at 366.5p.

After falling to 220.7p, they have now rallied to 252p, up 11.9p this morning, valuing the company at £656 million and yielding nearly 2 per cent. They could rally further with more orders like this one.

Tags: Full list, Jindal Pipes, Mobile drilling platform order, Nigel McCue, Singapore

Superb investment toolkit for private investors

SharePad is the new web-based service from ShareScope. Easier to use and more powerful. Perfect for tablets, Macs and Windows PC. Covers ALL your investment requirements.

Growth Company Investor: free trial

Since 2008, our share tips outperformed the benchmark by 281%. Take a free trial and get access to our recommendations today. Start free trial now.

Directors' Pay on AIM 2015

The most comprehensive review of AIM directors' pay available, and this year includes a record sample of 1000+ AIM-quoted companies. The full report is available to order for £385 + VAT. Click here for more info

 

Latest small-cap and growth company news

Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.

Popular News

Latest News

Quartix has enjoyed a strong start to life as a public company

Quartix focuses on US growth as earnings and profits soar 29/07/2015

Andy Walters, chief executive of telematics firm Quartix, has confirmed that the company will continue to focus on the fast-growth US market in the coming year as it reported improved earnings and profits. 

Petards Group shares nudge upwards as company hits targets  28/07/2015

Shares in Petards Group, a supplier of security technology, saw its shares rise by 2 per cent this morning as it confirmed that it is likely to hit its targets for the half-year to the end of June as a result of a switch to higher-margin products.

Earthport announces plan for Asian expansion  28/07/2015

AIM-listed financial technology firm Earthport confirmed this morning that it is to launch a new Asian headquarters in Singapore, with the aim of capitalising on the growth of South East Asia. 

Vast Resources sets its sights on Romania following fundraising  27/07/2015

AIM-listed resources company Vast Resources intends to use the £1.26 million it has raised from investors for a combination of corporate expenses and to expand its Romanian operations. 

SPARK Ventures raises £17 million and teams up with Gresham House for future growth  27/07/2015

AIM-listed SPARK Ventures, a company that invests in early-stage technology and digital information businesses, has announced that it has raised £17 million via a placing of new shares and an asset swap.

Nektan expects to beat forecasts when full-year results are released in September  20/07/2015

Online gaming technology firm Nektan Plc expects that its full-year results to the end of June 2015 will show a loss of around £5.5 million, which the company claims is 'better than expected'. 

More News