Oil exploration company Cairn Energy saw its market value rocket this week as its shares rose on the back of news of a new drilling campaign.
Edinburgh-based Cairn announced that two rigs had been secured to drill four wells this year off Greenland.
Following the announcement, Cairn’s stock closed 2.8% up at 431.6p, adding £162.4 m to the company’s market value.
The two drillships that will head for Greenland are state of the art vessels. The Leiv Eiriksson, a fifth generation semi-submersible drilling rig, and the Ocean Rig Corcovado, a sixth generation drillship, are both operated by Ocean Rig.
Last month Statoil got the go=ahead to also begin drilling off Greenland, which is being seen as the next potential oil hotspot for exploration firms.