Batista’s LLX Surges Most in Two Years on Oil and Gas Contract

Brazilian billionaire Eike Batista’s LLX Logistica SA surged the most in two years after a contract for an oil and gas contract at its Acu port boosted prospects for further industry deals.

The stock jumped 10 percent, the most since October 2009, to 3.61 reais at the close of trading in Sao Paulo.

LLX, in a regulatory filing today, said it signed a leasing contract with Intermoor do Brasil Servicos Offshore de Instalacao Ltda, part of Grupo Acteon. Intermoor will build a unit at Acu to support the oil and gas industries, and the contract will generate annual revenue of about 3.6 million reais ($2 million), LLX said. Acu is located in Rio de Janeiro state.

“When someone closes an oil and gas contract, it opens up a new outlook” for the company, said Rogerio Freitas, a partner at Rio de Janeiro-based hedge fund Teorica Investimentos. “People were saying before that the terrain would remain restricted to steel, OSX, mining.”

OSX Brasil SA is Batista’s shipbuilding start-up.