Aggreko eager to snap up the chance of contracts

Temporary power supplier Aggreko is hunting for work in Libya fresh from landing its first major deal in Iraq, chief executive Rupert Soames said today.

The demise of dictator Colonel Gaddafi looks to have opened up opportunities for British businesses putting out feelers with the National Transitional Council.

Soames said: "We have already had people on the ground in the last few weeks in Libya to see if we can help but the situation remains very fluid and confused."

He added: "We have been in this situation before and one of the main priorities over there will be securing power." Aggreko, which upgraded profit forecasts to more than £320 million after a particularly strong start to the year, secured its commercial deal in Iraq, having worked there for the US military for eight years.

"In the scheme of things the contract is not huge but it is useful. Over the next 15 years the country will be spending a lot of money on infrastructure."

Aggreko's profits cheer comes despite mounting gloom in Europe although the firm is banking on its much bigger exposure to fast-growing emerging economies such as Asia. "Europe, the US and Japan only accounts for around 35% of our business," Soames added.