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 110,120 members that receive our newsletter.
Have a news tip? Let us know.
Sweden’s Navy completed a survey of the seabed near one of the damaged data cables in the Baltic Sea as the Nordic country investigates potential sabotage against the underwater infrastructure.
VARD has secured a contract to design and construct five state-of-the-art Walk-to-work vessels for an international client. The vessels, based on the VARD 3 32 design, will serve offshore platforms...
Singapore-based rig builder Keppel Ltd. is set to secure complete control over 13 legacy rigs currently held by Rigco Holding Pte. Ltd. (Asset Co), part of a strategic move reflecting...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 110,120 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
