Lamprell wins Iraq contract
Lamprell, the engineering firm for the oil and gas industry, has won a contract connected to the reconstruction of the oil export infrastructure in Iraq.
Lamprell, the engineering firm for the oil and gas industry, has won a contract connected to the reconstruction of the oil export infrastructure in Iraq.
The $62m contract, for Singapore firm Leighton Offshore, includes constructing metering equipment and is expected to complete by the end of 2012.
Lamprell will also pocket $27m from the sale of a ship called the Hull 106 as a result of a legacy transaction related to its acquisition of Norwegian firm, Maritime Industrial Services (MIS).
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
It's not all been plain sailing for Lamprell however, as the acquisition of MIS also left it with a 10% stake in the KSAM2 rig which suffered a major explosion in West Africa in January. Lamprell says it is confident that insurance for the asset is in order.
Lamprell's Chief Executive, Nigel McCue, said he was pleased with the Leighton deal because Iraq is a "key market" for the firm.
Shares in Lamprell had risen 2.3% by 8:32am.
BS
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published