News of a lucrative contract win propelled oil rig builder Lamprell to top spot on the London Stock Exchange’s list of risers this afternoon.
This morning, the company announced it had netted a $90million contract for upgrading a vessel for Statoil’s Johan Sverdrup field in the North Sea.
It sent the Lamprell share price rocketing by 10.94% to 71p on the stock market, adding more than £20million to the firm’s value.
Lamprell will build extended legs and new suction caissons for the Haven mobile operating unit at one of its three yards in the United Arab Emirates.
It will then transport them to Norway for installation, with the project scheduled for completion in the second quarter of 2018.
Norwegian firm Master Mariner, one of the project partners, awarded the deal to Lamprell.
Lamprell chief executive James Moffat said: “We have a well-established track record for undertaking major rig refurbishment projects and so it is pleasing to receive this contract award for work in connection with one of the most prestigious projects in the North Sea.
“While the market impacted the number of rig refurbishment and upgrade projects during 2016, this award demonstrates Lamprell’s continuing ability to compete in this sector which remains an area of strength for the group.”