Lamprell

Engineering services group Lamprell has won a $129m (£86m) wind turbine vessel contract from Bermuda-based Seajacks.

The fully-listed company, which is a leader in services to the international oil and gas industry, says the contact is to design and build a ‘state of the art’ self-elevating and self-propelled offshore wind turbine installation vessel, to be called the ‘Seajacks Zaratan’. Lamprell will build the vessel at its Hamriyah facility in Sharjah, United Emirates, for delivery in 2012.

Lamprell, which made £19m pre-tax last year on £283m turnover, argues the Seajacks contact is ‘significant’ in what chief executive officer Nigel McCue says has ‘already been a busy year for new business’. In February, the company won a £213m contract from the Fred Olsen group for two wind turbine installation vessels and McCue suggests the market will continue to ‘expand rapidly as the offshore wind sector pursues its ambitious expansion plans’.

Analysts believe Lamprell can increase pre-tax profits 20% to £32.8m this year, with £41.2m on the cards for 2011. The shares, which have traded between 276.5p and 96.75p over the past 12 months, now change hands at 222.6p, which leaves scope for potential improvement.