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)

Copyright (c) 2022 Dow Jones & Company, Inc.
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