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 109,005 members that receive our newsletter.
Have a news tip? Let us know.
Global marine fuel sales jumped in 2024 after attacks by Yemen's Houthis starting in late 2023 prompted most shipping companies to divert vessels around southern Africa rather than through the Red Sea, according to data and analysts.
Suez Canal Authority chief Osama Rabie said he expects traffic through the Egyptian waterway to gradually return to normal by late March and fully recover by mid-year, as long as the Gaza ceasefire holds up.
Liquid natural gas producers have been avoiding the Red Sea for much of 2024 amid continuous attacks by Houthi militants. This may now be changing as the first LNG carrier...
Maritime and offshore news trusted by our 109,005 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
