LONDON (Alliance News) - Lamprell PLC shares rose early Tuesday after the company said it had completed work on a second Caspian Sea jackup drilling rig and the completion of the work would have a positive impact on its results.
The oil services company said it has successfully completed construction on the Mercury rig, the second built on behalf of an unnamed client, and completion ahead of schedule allows the company to release contingencies associated with the project, which will have a significant positive impact on its full year results.
"I am delighted to report that we have completed the second drilling rig for use in the Caspian Sea, not only because of the significant beneficial impact on this year's results but also because of the exemplary safety record on a highly complex project in a remote location," said Jim Moffat, Chief Executive Officer of Lamprell.
Lamprell shares were up 6.4% on the news to 145.75 pence, making is the second-best performer on the AIM All-Share index.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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