Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Amedeo Resources eyes recovery in rig market

The Explorer 1 vessel is due for completion in the second half of this year, Amedeo said
Amedeo Resources eyes recovery in rig market
“Although the rig market has slowed, we expect it to pick up in the medium term.

Amedeo Resources (LON:AMED) has told investors it expects the market for oil rigs to pick up in the medium term.

The AIM firm, which today released results for 2014, highlighted that during the period the New Yard operation on the banks of the Yantze was operational.

New Yard, a joint venture with Singapore-listed Yangzijiang Shipbuilding (YZJ), has been building the Explorer 1 rig and the vessel was launched into the water this April ahead of its full completion which is due in the second half of this year.

As well as Explorer 1, New Yard has also dealt with overspill workload from YZJ’s principal shipbuilding operation, building blocks for container ships.

Chief executive Glen Lau said that market conditions have slowed Amedeo’s progress, but, he expects a recovery in the medium term and at that point he believes the company will be well placed to benefit.

"YZJ Offshore's New Yard is fully operational,” Lau said. “The build of Explorer 1 is to quality and schedule, building the New Yard's reputation and laying firm foundations for the New Yard's future.

“Although the rig market has slowed, we expect it to pick up in the medium term.

“In any case, the New Yard is able to build a range vessels and blocks and is well placed to take advantage of any upturn.”

Amedeo today reported that pre-tax losses on ordinary activities narrowed by 53% to US$128,000 in the eleven months to December 31; this does exclude non-cash items and one-off items. The loss for the year was reported as US$1.4mln.

The company ended the period with US$2.9mln of cash and equivalents.

Revenues associated with the MGR unit, which the company provides with business and market services, totalled US$91,000.

View full AMED profile View Profile

Amedeo Resources PLC Timeline

Related Articles

ICO image
July 09 2018
“Huge misconceptions surround token sales" says KR1's chief executive
A wad of bank notes
May 18 2018
The group's 2017 results will include a hefty restructuring charge, as a result of which it will declare a loss
Zimbabwe flag
May 16 2018
Following the 2017 change in government, Brainworks' chief executive believes Zimbabwe is primed to be a key investment and tourist destination

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use