UPDATE 2-Beleaguered Carillion wins HS2 rail contract, shares jump

* Worth 450 mln stg to Carillion -analysts

* Hires EY to help with strategic review

* Review follows 845 mln stg writedown

* Shares up on news, fell 70 pct last week (Adds comments, details)

July 17 (Reuters) - Carillion won part of a 1.4 billion pound ($1.8 billion) contract to help build Britain's High Speed 2 rail link on Monday, offering respite as the builder grapples with the aftermath of a battering writedown.

Carillion said it, along with partners Kier Group and Eiffage, had won two lots of work for HS2, which is set to link London with the north of England from 2026.

"It is encouraging that they can still win government contracts ...Our view remains that (Carillion) will survive but the ownership is likely to change significantly," Liberum analysts wrote.

The HS2 contract will be worth about 450 million pounds to Carillion, the brokerage said.

The win follows a torrid week for Carillion which saw CEO Richard Howson quit and a 845 million pound writedown that prompted a 70 percent sell-off in Carillion's shares.

Interim CEO Keith Cochrane on Monday was speaking to investors amid speculation that Carillion may have to raise funds, possibly via rights issue.

The company said it had hired accounting firm EY to support a strategic review announced last week.

"We are moving forward quickly... Alongside our own efforts, EY will provide support across the business and bring an external perspective to our cost reduction and cash collection challenge," Cochrane said in a statement.

Carillion added HSBC to its team of financial advisers on Friday, fuelling speculation that it might prepare a rights issue or debt for equity swap.

Carillion was Londons top midcap gainer on Monday, up 15 percent to 61.7 pence by 0807 GMT. The shares traded above 190p prior to last Monday's writedown.

The company said it had identified ways to reduce average net borrowing, including cost efficiencies, an increased focus on managing working capital and on recoveries and cash collection. A Carillion spokeswoman declined to give further details.

Carillion has linked part of its recent problems to public partnership contracts with governments where builders shoulder the risk of cost overruns. However, it has identified rail as a sector where it intends to grow.

($1 = 0.7644 pounds)

(Reporting by Esha Vaish in Bengaluru; editing by Louise Heavens and Jason Neely)