Rigs boost Cairn shares
SHARES in Cairn Energy rose after the company announced that two rigs had been secured for its Arctic drilling campaign this year.
The Edinburgh-based firm said it had contracted "state of the art" drilling vessels to drill up to four wells in its hunt for oil in Greenland.
Following the announcement Cairn stock closed 2.8 per cent up yesterday at 431.6p, adding 162.4 million to the company's market value.
More details of drilling plans will be released on January 27.
Oriel analyst Richard Rose said the news allayed fears that the company may have struggled to secure rigs for the campaign, which he believes could start as soon as April.
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Sunday 27 May 2012
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