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Amedeo Resources PLC (AMED)

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Tuesday 22 April, 2014

Amedeo Resources PLC

Lays Keel on 350ft Le Tourneau Super Enhanced 116e

RNS Number : 2156F
Amedeo Resources PLC
22 April 2014


22 April 2014


Amedeo Resources plc

("Amedeo" or the "Company")

Lays Keel on 350ft Le Tourneau "Super Enhanced 116e"


Amedeo, the resource and resource infrastructure and asset investment company, is pleased to announce that, further to the Company's announcements on 23 October 2013 and 23 January 2014, the keel of its first rig order, the 350ft Le Tourneau Super Enhanced 116e ("Le Tourneau Super Enhanced 116e"), has been laid on schedule.


This is a significant step in the construction of the Le Tourneau Super Enhanced 116e which involved constructing the 500 tonne hull and placing it on the skidway of the Jiangsu Yangzijiang Offshore Engineering Co. Ltd. ("YZJOE") new rig yard in Taicang ("New Rig Yard"), about 60km north west of Shanghai.  Amedeo has an indirect 18.6% stake in YZJOE.


The laying of the keel, on schedule, demonstrates YZJOE's ability to construct rigs on schedule and that the New Rig Yard is now operational. In addition, the New Rig Yard's completion is on schedule for the middle of this year.


Ramlan Ahmad, Executive Director of Explorer 1 Limited ("Explorer 1"), the customer for the Le Tourneau Super Enhanced 116e said:


"We are impressed by the dedication and professionalism shown by YZJOE and how the build of its first rig, our Le Tourneau Super Enhanced 116e is progressing to quality and to schedule. YZJOE's welding, painting and finish are impressive. In addition, YZJOE's ability to crank out steel in accordance with the drawings vetted by our management team is most impressive. Typically, first time builders of complex drilling machines such as our Le Tourneau Super Enhanced 116e face difficulties. With progress on schedule and to quality thus far, we are confident that YZJOE will deliver our rig on schedule and to quality."


Glen Lau, Chief Executive Officer of Amedeo, said:


"We are delighted with YZJOE's progress on its first rig order and with its progress in constructing the New Rig Yard which is now operational.  The Le Tourneau Super Enhanced 116e is on schedule to be delivered to quality and on time. The New Rig Yard is already operational and due to be completed in the middle of this year. Explorer 1 is pleased with the progress and build of its order, and new prospective clients have and are able to tour our facilities and see our work."



For further information please contact:

Amedeo Resources plc

Glen Lau/Zafar Karim


Tel: + 44 (0) 20 7653 9850

Daniel Stewart & Company Plc


Paul Shackleton

Tel: + 44 (0) 20 7776 6550

Beaufort Securities Limited


Saif Janjua

Tel: +44 (0) 20 7382 8300

Newgate Threadneedle

Graham Herring

Tel: + 44 (0) 20 7653 9850



Amedeo Resources plc is an investment company whose policy is to invest principally, but not exclusively, in the resources and resources infrastructure and asset sectors. Amedeo has a deep and broad global network and wide contact base in these sectors, including in East and South East Asia and the Middle East which it leverages to source and make investments. These sectors exhibit high growth and are strategically important. Amedeo is a proactive investor which assists its investee companies to grow by providing investment, expertise and contacts. 

This information is provided by RNS
The company news service from the London Stock Exchange

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