Lamprell director sells shares as firm unveils plans for new rigs

Scott Doak, the integration and development director of Lamprell, the FTSE 250 oil and gas engineering firm, has slimmed down his stake in the same week the company announced plans to build two further rigs for Abu Dhabi's National Drilling Company.

In a sale made on April 24th, Doak ditched 21,679 shares at 330.227p each for a total of £71,599, taking his share in the company down to 476,248 shares, equivalent to 0.183%.

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The latest deal will net Lamprell $166.65m, with delivery scheduled to be in the fourth quarter of 2014 and first quarter of 2015 respectively.

The transaction took place a month after the company's announcement that revenues for 2011 came in at $1,148m, a rise of 127.8% on 2010 after record oil prices boosted demand.

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Director name: Mr Sten A Mortstedt

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Value: £69,300

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