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Lamprell expects windfall from rig completion

Tue, 21st Oct 2014 08:35

Oil services group Lamprell expects a financial windfall after completing construction of a second oil and gas rig for an unidentified client.Lamprell said it had finished building the Caspian Sea jackup drilling rig, the "Mercury", ahead of time, which meant it would be able to release contingencies held for the project which will have a "significant positive impact" on its 2014 financial results.The group will deliver the rig in the coming month, after which it is expected to be used on its first contract elsewhere in the Caspian Sea alongside its sister vessel, the "Neptune" rig, which was delivered in November 2013.Chief executive Jim Moffat said: "Our strong operational performance both in the United Arab Emirates and Astrakhan allowed us to take advantage of the milder recent weather and complete construction activities on the rig ahead of schedule."Shares rose 8.75p or 6.4% to 145.75p at 09:02 in London.