Lamprell lands $320.4m contracts

Lamprell PLC have been awarded two new contracts for offshore wind turbine installation vessels to be delivered 2012.

Lamprell's share price had risen to 20.32% of its Monday close by 3pm Tuesday after the announcement that the provider of specialist engineering services within the Gas and Oil industries had been awarded contracts from Fred Olsen Windcarrier AS for an aggregate total of $320.4 million.

Nigel McCue (CEO) said "We believe that the offshore wind sector provides Lamprell with a unique opportunity to utilise its high-level engineering skills in a new and fast-growing sector, where there is currently a lack of installation vessel capacity". Lamprell and Windcarrier have also arranged an option agreement for two further vessels.

The news came hot on the heels of yesterdays announcement that Lamprell had won a $39.4m contract to design and construct two offshore well head platforms for an offshore gas field development in India as part of a consortium with partner Swiber Offshore Construction. The news boosted confidence in the sector with increases for Petrofac, Hunting and Velosi and an increase of some 2.4% for the sector overall.

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