LAM.L Share News (LAM)

(Sharecast News) - Oil rig construction company Lamprell was on the front foot on Monday after saying it has been awarded a contract with Saudi Arabia's Aramco.Lamprell has been selected as a contractor on Aramco's Long Term Agreement for Offshore Facilities (LTA) programme. The group submitted its bid in a consortium with Boskalis.The LTA is part of an offshore investment programme and covers engineering, procurement, construction, transportation and installation contracts to support Aramco's Offshore Maintain Potential Program, Oil & Gas Program, and other offshore work.Within the scope of the LTA, investments could exceed $3bn a year, with an initial programme duration of six years and options by Saudi Aramco to extend for a further three plus three years. Chief executive officer Christopher McDonald said: "I am delighted to be able to announce that Lamprell has been chosen by Saudi Aramco to be part of the LTA programme. This is one of the most sought-after and selective processes in the industry and the award advances our strategic aspirations with respect to both Saudi Arabia and the EPCI sector, as well as cementing our relationship with an industry partner in Boskalis."Saudi Arabia is the cornerstone of Lamprell's growth strategy as is evidenced by our investment in the IMI and we are extremely grateful to have been given this opportunity to participate in the LTA." At 1550 GMT, the shares were up 6.8% to 64.80p.