AIM-listed InfraStrata’s (LON: INFA) shares are rallying on Friday after it was awarded a contract by Saipem Limited for the fabrication and load-out of eight wind turbine generator jacket foundations for the EDF Renewables and ESB Energy owned Neart na Gaoithe Offshore Wind Farm project located in the outer Firth of Forth in Scotland.
The contracts value is approximately £26million and is set to commence on the 1st of July.
The work will mainly be carried out at Harland and Wolff’s newly acquired Methil facilities in Scotland.
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InfraStrata said that if there is an opportunity to further optimise the works programme and make the contract more cost-effective, they and Saipem will work jointly to spread additional workstreams within the contract across the Company’s three other sites; Belfast, Arnish and Appledore.
“We are delighted to have entered into this contract with Saipem and I believe that this contract paves the way for the execution and delivery of future fabrication contracts, a significant number of which are currently in advanced negotiations,” said John Wood, CEO of InfraStrata.
“I am confident that this is only the beginning of a stream of projects in our pipeline that we expect come to fruition. We are hugely excited about the massive potential that this first contract has unlocked, and we look forward to working with Saipem to successfully deliver under it,” added Wood.
Source: IG
InfraStrata’s share price is up 10.97% at 47.4 following the news.
Should you invest in InfraStrata shares?
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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.
