Proactive Investors - Run By Investors For Investors

Amedeo Resources pleased with progress, waits on new contract

Amedeo Resources pleased with progress, waits on new contract

Oil rig contractor Amedeo Resources (LON:AMED) said it had made excellent progress over the past tweleve months, with annual losses sharply reduced.

The underlying deficit dropped to £417,000 (£771,000) in the year to January, though including non-cash items there was a loss of £969,000 (£1.1mln).

Since the year end, Amedeo’s Chinese associate YZJ's Offshore's new yard, has become operational while progress on its first rig order, Explorer 1, is to schedule. 

Metals trading arm MGR also paid Amedeo £311,000 during the year.

Shares in the AIM-listedfrim  spiked sharply in February when it confirmed reports it had been chosen for a US$1.7bn contract for semi-submersible platforms, though today Amedeo said some conditions remained outstanding and until these are sorted out the contract will not be effective. 

View full AMED profile View Profile

Amedeo Resources PLC Timeline

Related Articles

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
April 02 2019
Directors have 'a reasonable degree of certainty' that positive basic earnings per share will be achieved in 2018
Kingswood has a new management team in place to implement the group’s three-year growth strategy.

© 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