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Don't have an account? Click here to register.Lamprell sells Middle East oil services business for $3m
Tue, 02nd Dec 2014 07:54
Oil services group Lamprell is off-loading a non-core Middle East service business for $3m.Lamprell is selling Litwin PEL, an engineering and contracting company that serves the oil and gas, chemical and petrochemical industries in Abu Dhabi, to the Nauvata group of companies.The sale of Litwin, which made losses of $5.3m in 2013, is part of a review by Lamprell of certain service operations that do not form part of its core business."The group will continue with its process to dispose of the other non-core service businesses, but only if acceptable terms can be obtained and subject to board approval," Lamprell said in a statement. Lamprell plans to use the cash from the sale to support general working capital requirements on its core business.
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UPDATE 1-UAE's National Drilling Company to buy 14 new rigs for $543 mln
(Adds details on contracts) ABU DHABI, June 7 (Reuters) - The United Arab Emirates' National Drilling Company has signed contracts worth $543 million to buy 14 new rigs, state news agency WAM reported on Sunday. One offshore and one onshore rig, worth $203 million, will be built in th
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Monday broker round-up
Lamprell: Citi reiterates neutral recommendation and raises target to 155p. British Land: JP Morgan ups target to 970p from 950p and stays at overweight. Derwent London: JP Morgan raises target to 3,900p from 3,800p but keeps at overweight. Great Portland Estates: JP Morgan lifts target to 920p fr
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BUZZ-Lamprell: rises as Citi hikes target price
** Rigmaker Lamprell up as much as 6 pct in healthy volume after Citi increases TP to 155p from 110p ** Lamprell well-positioned to capitalise on the continued strength in upstream activity in the Middle East, Citi analysts say in note ** Numis adds co to its Top Picks portfolio for J
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