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Amedeo Resources pleased with progress, waits on new contract

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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. 

Quick facts: Amedeo Resources PLC

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AIM:AMED
Market: AIM
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