Proactive Investors - Run By Investors For Investors

Amedeo Resources shares soar on Chinese rig deal

Amedeo Resources shares soar on Chinese rig deal

Amedeo Resources (LON:AMED) shares soared in early deals as the company confirmed reports of a Chinese rig deal.

The AIM-quoted firm, worth about £60mln after the share price rise, has an indirect 18.6% stake in Chinese firm Jiangsu Yangzijiang Offshore Engineering (YZJOE), which has a conditional deal to build two semi-submersible drilling platforms.

There is a possibility that the deal will be extended for another two rigs.

Amedeo said the contract value was US$1.7bn, and delivery of the drilling platforms would take around three years.

View full AMED profile View Profile

Amedeo Resources PLC Timeline

Related Articles

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
Crypto tokens
November 22 2018
In October, the firm sold its first two investment for twenty and seventeen times their purchase price respectively, netting it US$260,000
November 01 2018
The company's objective is to grow “both organically and dynamically” through acquisitions in the UK and US

© Proactive Investors 2019

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