Amedeo Resources Confirms Rig Construction Deal with Primepoint

Amedeo Resources plc has confirmed the rigs construction deal between Primepoint and China’s Jiangsu Yangzijiang Offshore Engineering Co Ltd.

In a statement issued today Amedeo, an investment company focused on resources and resources infrastructure sectors, said: “Amedeo confirms that YZJOE has reached agreement subject to conditions precedent to build two semi-submersible drilling platforms for Primepoint Drilling PTE Ltd. In addition, an option on two additional semi-submersible drilling platforms has also been agreed subject to conditions precedent. The total value of the contract and options is approximately USD 1.7bn. Delivery of such platforms takes around three years.”

Amedeo has an indirect 18.6% stake in YZJOE.

According to Korean website Asiasis, the rigs are of Moss Maritime “Moss CS50” design. The CS50 design was primarily developed for DP operations in ultra deep water and harsh environment with requirement for dual activity and high capacity drilling systems.