Foraco International Shares Jump After $60 Million Contract in Australia
May 25 2022 - 10:45AM
Dow Jones News
By Adriano Marchese
Shares in Foraco International S.A. rose Wednesday morning after
the company said it was awarded a $60 million exploration and
evaluation drilling services contract in Australia with BHP Group
Ltd.
At 10:09 a.m. ET, the shares were up 18% at C$2.17.
The Canadian mineral and water drilling services provider said
the contract at BHP's Olympic Dam mining operation is signed for
three years with an optional extension of two years. In total, the
contract involves five rigs, it said.
Foraco said that if the two year options are exercised, the face
value of the contract could reach $90 million.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
May 25, 2022 10:30 ET (14:30 GMT)
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