United Arab Emirates-based rig builder Lamprell (LSE:LAM) announced today that an undisclosed drilling contractor has exercised a newbuild option for an additional LeTourneau Super 116E (Enhanced)-Class jack-up rig.
Lamprell expects to deliver this rig from its Hamriyah facility in Q1 2015.
J.P. Morgan estimates the value of this latest order to be in the $200 million range and that 70% of their 2014 revenue forecast and 20% of their 2015 forecast are now covered by a secure backlog.
“Given the greater confidence this gives over 2014 earnings, we expect the shares to outperform the market today,” notes J.P. Morgan in an emailed statement.
James Moffat, Chief Executive Officer, Lamprell, commented “We continue to see a good bid pipeline and are focused on capitalising on the growth opportunities we see in the Group’s core markets.”
LAM shares are currently up over 8 percent on the London Stock Exchange today.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 105,904 members that receive our newsletter.
Have a news tip? Let us know.
U.S. shipbuilder Philly Shipyard, Inc. and HD Hyundai Heavy Industries Co., Ltd. (HHI), South Korea’s largest shipbuilding group, have signed a Memorandum of Understanding (MOU) to explore opportunities for collaboration...
SINGAPORE, April 24 (Reuters) – Demand for liquefied natural gas (LNG) to power ships will rise this year on attractive prices, while more dual-fuel vessels join the global fleet, industry executives said....
Malaysia’s MISC Berhad, through its tanker subsidiary AET, has signed contracts for the world’s first two ammonia dual-fuel Aframaxes. The deal includes Time Charter Party Contracts (TCP) with PETCO Trading...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 105,904 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
