Lamprell climbs on new contract May 27, 2014 Rig maker Lamprell’s share price shot up over seven per cent yesterday, after it said it had secured a $370m (£220m) contract with Shelf Drilling, to provide two new rigs for operations in South East Asia. The FTSE small cap-listed firm is scheduled to deliver the first rig in the third quarter of 2016 and [...]
Ruspetro and Glencore sign oil deal May 27, 2014 Siberian oil producer Ruspetro yesterday said it has signed a one-year deal worth 750m roubles (£13m) to deliver 1,680 barrels of oil per day to Energo Resurs, a subsidiary of Glencore. “This facility is part of the company’s ongoing cash flow management and broadens our partnership with Glencore to include a prepayment facility for domestic [...]
Firestone to start work on mine May 27, 2014 Aim-listed miner Firestone Diamonds yesterday said it is set to start building the main treatment plant at the Liqhobong diamond mine in the Lesotho Highlands, after the company raised $225.2m (£137.3m) from financing agreements. “We look forward to beginning the early earth works on the project in the coming weeks following receipt of funds from [...]
Aveva leads the FTSE 250 after bumper results May 27, 2014 ENGINEERING software firm Aveva led the FTSE 250 risers yesterday after reporting a nine per cent jump in profits to £69m. Shares closed up 8.75 per cent on news that Aveva, whose software is used to design ships, power plants, and oil and gas facilities, had boosted its revenues by eight per cent to £237.3m [...]
Chinese forecast to smoke half of the world’s cigarettes by 2018 May 27, 2014 CIGARETTE sales volumes have continued to decline in most top global markets, while e-cigarettes sales have potential for high growth according to new data from the global market research company Euromonitor International. Seven of the top 10 global markets showed declines in volumes in 2013, leading to an overall four per cent decline in world [...]
Ophir Energy slides after failing to discover oil or gas off Gabon May 27, 2014 SHARES in Ophir Energy slumped six per cent in early trading yesterday, after the Africa-focused explorer said it had failed to discover any significant oil or gas at a well located off Gabon. The FTSE 250-quoted firm said the Affanga Deep-1 well in the Gnondo Block encountered thinner than expected sandstone sections with poor reservoir [...]
A fresh blow for Tullow Oil as it abandons dry well off Norway May 27, 2014 TULLOW Oil, the FTSE 100-listed oil and gas explorer, yesterday said that it had failed to find oil in an exploration well located off Norway. “[The well,] which was targeting the Gotama prospect, offshore Norway, did not encounter reservoir quality sandstones in the Upper Jurassic main target,” said Tullow in a statement. “The well encountered [...]
Renold halves full-year loss May 27, 2014 RENOLD, the industrial chain supplier, yesterday showed that its streamlining efforts had paid off, as it halved its full-year losses. The London-listed firm posted a pre-tax loss of £5.9m last year, saving £3.2m from a project to reduce excess manufacturing capacity. “The successful delivery of the complex capacity reduction project in the chain division is [...]
Faroe Petroleum encounters oil in a well in the Norwegian Sea May 27, 2014 OIL AND gas explorer Faroe Petroleum yesterday said that appraisal drilling on a well in the Norwegian Sea had encountered oil, with a second well planned in the next few days. The Aim-listed firm, which has activities in Norway, the Atlantic margin and the North Sea, owns a 25 per cent stake in the well, [...]
L&G buys Waitrose warehouse May 27, 2014 The property arm of insurance firm Legal & General has agreed to forward fund a new distribution warehouse for Waitrose in Milton Keynes, in a deal worth £114m. The 100,000 square feet warehouse in Milton Keynes’ Magna Park is being built by logistics developer Gazeley and has been pre-let to Waitrose on a 30-year term. [...]