Lamprell wins second rig building contract with Jindal Group

Oil and gas engineering firm Lamprell has been awarded a new contract award from Dev Drilling, a company within the Jindal Group, based in Singapore, for the construction and delivery of a completely outfitted and equipped, self-elevating mobile offshore drilling platform.

Oil and gas engineering firm Lamprell has been awarded a new contract award from Dev Drilling, a company within the Jindal Group, based in Singapore, for the construction and delivery of a completely outfitted and equipped, self-elevating mobile offshore drilling platform.

Under the agreement, Jindal has an option for Lamprell to build a further jackup rig, exercisable during a period of six months from the effective date of the contract.

Peter Whitbread, Chief Executive Officer, Lamprell, said: "We are delighted to be announcing a new contract win from Jindal for the construction of a Super 116E jackup rig. This is our second order from a highly valued customer and it further underlines both Lamprell's strong position within the market for jackup rigs as well as the continuing support of our existing customers.

"We have developed an excellent working relationship with Jindal and we look forward to delivering successfully on this crucial project."

The construction phase of the project is expected to take approximately 18 months.

The rig is the second that Lamprell has agreed to construct for Jindal.

The share price leapt 8.52% to 146.50p by 09:40.

NR

Recommended

Persimmon yields 12.3%, but can you trust the company to deliver?
Share tips

Persimmon yields 12.3%, but can you trust the company to deliver?

With a dividend yield of 12.3%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate compa…
1 Jul 2022
Don’t try to time the bottom – start buying good companies now
Investment strategy

Don’t try to time the bottom – start buying good companies now

Markets are having a rough time, so you may be tempted to wait to try to call the bottom and pick up some bargains. But that would be a mistake, says …
1 Jul 2022
Share tips of the week – 1 July
Share tips

Share tips of the week – 1 July

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
1 Jul 2022
Bunzl: boring is good for business
Share tips

Bunzl: boring is good for business

Food-service distribution company Bunzl is not a terribly exciting business, but it looks cheap and could be a great investment, says Rupert Hargreave…
30 Jun 2022

Most Popular

Five dividend stocks to beat inflation
Share tips

Five dividend stocks to beat inflation

During periods of high inflation, dividend stocks tend to do better than the wider market. Here, Rupert Hargreaves pick five dividend stocks for incom…
30 Jun 2022
Don’t try to time the bottom – start buying good companies now
Investment strategy

Don’t try to time the bottom – start buying good companies now

Markets are having a rough time, so you may be tempted to wait to try to call the bottom and pick up some bargains. But that would be a mistake, says …
1 Jul 2022
The ten highest dividend yields on Aim
Income investing

The ten highest dividend yields on Aim

Rupert Hargreaves picks the highest-paying dividend stocks on Aim, London’s junior market for small and medium-sized growth companies.
29 Jun 2022