26 April 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

Riyadh has seen a flurry of building activity of late

New Action hotel in Saudi 23/04/2015

Middle Eastern hotel specialist Action Hotels (AIM:AHCG) is planning a new hotel in Riyadh, Saudi Arabia.

Tags: Hotels, Saudi Arabia

21st Century makes win 23/04/2015

CCTV specialist 21st Century Technology (AIM:C21) has won a new contract to supply its services.

Tags: Contract win, Technology

Victoria gaining power 23/04/2015

Cameroon-focused Victoria Oil and Gas (AIM:VOG) has begun supplying power to the Logbaba station.

Tags: Oil and gas, West Africa

Ultrasis calls in administrators 22/04/2015

Ultrasis, a developer of treatments for anxiety and depression, has had to call in administrators after its fundraising efforts failed.

Tags: Administrators, Business closing, Feeling depressed

McKay pays £11m for warehouse 22/04/2015

Office space investor McKay Securities (LON:MCKS) has purchases a warehouse unit for just under £11 million.

Tags: Real estate

Creston feels more splendid 22/04/2015

Media agency Creston (LON:CRE) has acquired digital consultant How Splendid in a deal worth up to £15.7 million.

Tags: Acquisitions, Media

More News