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Agreement inked with state-backed energy firm

Oil rig refurbishment and construction specialist Lamprell (LAM) is close to 12-month highs of 117p after recently agreeing a joint venture with Saudi Aramco to develop the biggest maritime yard in the region. The ‘transformational’ $5.2bn venture is expected to see Aramco become one of Lamprell’s largest customers for new rigs. Canaccord Genuity analyst Alex Brooks says the deal will be worth ‘a lot, eventually’.

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