AMEC wins North Sea oil rig engineering contract

ENGINEERING firm AMEC’s shares gained 2.5 per cent yesterday after the group won two contracts on oil and gas rigs in the North Sea.

Oil refiner ConocoPhillips has hired AMEC for engineering and procurement work on its existing Judy platform around 240km from the Aberdeen coast, as well as for initial work on its new Jasmine gas reservoir.

The value of the contract win has not been disclosed.

ConocoPhillips anticipates production on the Jasmine platform will start in the fourth quarter of 2012.

AMEC shares closed 28p up at £11.54, its highest close in more than a year.

“I am delighted that our long track record of delivery of major and complex projects for ConocoPhillips, including on this field itself, has been recognised through this significant contract award,” said John Pearson, managing director of AMEC’s European & West African business.