YZJ Offshore to Build Two Drilling Platforms for Primepoint Drilling

Amedeo Resources plc, an investment company, confirmed 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 their major shareholders – Yangzijiang Shipbuilding.

[mappress]

Amedeo Resources, February 5, 2014