Amedeo Resources plc confirms that Jiangsu Yangzijiang Offshore Engineering Co. Ltd. (YZJ Offshore) has been contracted to build two semi-submersible drilling platforms for Primepoint Drilling.
In addition, an option on two additional semi-submersibles has also been agreed subject to conditions precedent.
The total value of the contract and options is approximately $1.7 billion. Delivery of such platforms takes around three years.
YZJ Offshore design and engineering activities take place in Shanghai and Singapore. Construction is being carried out at its Taicang Offshore Yard and associated yards owned by one of our major shareholders – Yangzijiang Shipbuilding.
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. The company has an indirect 18.6% stake in YZJOE. 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.
[mappress] Press Release, February 5, 2014