Cairn stock soars on news of Greenland drilling

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 […]

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By Kelvin Ross

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.