Shares in Range resources (LON:RRL) rallied on Wednesday after the company announced it had secured a new contract with Shell Trinidad Central Block Limited, a subsidiary of Royal Dutch Shell plc.
The international oil and gas exploration company, which operates primarily in Trinidad, announced that the contract would involve work on a one-well workover at Shell’s operations onshore Trinidad.
The company also said that Rig 19 is on location, and that operations begun on the 19th March 2018, with work expected to finish over the course of 10 days.
Yan Liu, Range’s Chief Executive Officer, commented:
“We are extremely pleased to have secured a contract with one of the largest oil and gas companies in the world, which is a testament to the quality of RRDSL’s services, HSSE standards, equipment and personnel. Since the acquisition of RRDSL in Q4 2017, we have embarked on an active marketing campaign which has resulted in the first successful contract award this year.
We are also encouraged to see that the recent oil price recovery is having a favourable impact on activities in the sector. Having the benefit of one of the most efficient and modern rig fleets in the market, we are aiming to capitalise on this recovering market by securing further contract work and establishing a solid client base during 2018.”
Alongside its oil and gas operations in Trinidad, the company also has interests in Indonesia.
Shares in the company are currently trading +28.57 percent as of 13.58PM (GMT).