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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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
-
Cash in on the growth prospects of Europe's companiesOpinion Marcel Stötzel, co-portfolio manager of the Fidelity European Trust, selects three stocks
-
Is the AI boom another dotcom bubble?25 years on from the dotcom bubble bursting, is it time for investors to consider the sustainability of the AI boom in the stock market?
