21st Dec 2015 12:11
LONDON (Alliance News) - Natural resources and infrastructure investment company Amedeo Resources PLC Monday said an offshore fabrication company in which it is invested has built its first offshore jack-up drilling rig which will be delivered to the client shortly.
Amedeo holds a 19% stake in Jiangsu Yangzijiang Offshore Engineering Co Ltd, which has completed the physical build of the Explorer 1 drilling rig. Once commissioning and testing has been completed, the rig will be delivered to the client sometime in 2016.
The rig is the first one to be built by Kiangsu Yangzijiang.
"We are pleased that physical build of YZJ Offshore's first rig is complete. Following successful testing and commissioning, the rig will be delivered to the client. The physical completion of the first build is a key milestone from several perspectives, including in establishing the good reputation of a yard," said Glen Lau, chief executive of Amedeo.
Amedeo shares were down 5.6% to 17.0 pence per share on Monday.
By Joshua Warner; [email protected]; @JoshAlliance
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