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%.
The company already has four of the jack-up rigs under construction for the Middle Eastern company.
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
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.
Top Director Buys
CLS Holdings (CLI)
Director name: Mr Sten A Mortstedt
Amount purchased: 11,000 @ 630.00p
Value: £69,300
Solo Oil (SOLO)
Director name: Mr Neil Ritson
Amount purchased: 4,000,000 @ 0.54p
Value: £21,600
Top Director Sells
Share Plc (SHRE)
Director name: Mr Iain Paul Wallace
Amount sold: 400,000 @ 21.50p
Value: £86,000
NR
-
Trust in US TIPS to beat inflationIn an inflationary market TIPS, the US Treasury Inflation-Protected Securities are most compelling says Cris Sholto Heaton.
-
The jury's out on the AI summit at Bletchley Park
World governments gathered for an AI summit at Bletchley Park in November, but were they too focused on threats at the expense of economic benefits?
