China's YZJOE Lays Keel of Amedeo's Jackup Explorer 1 at Taicang Yard

Amedeo Resources plc, a UK-based resource and resource infrastructure and asset investment company, reported Tuesday that, further to the Company's announcements Oct. 23, 2013 and Jan. 23, the keel of Explorer 1 (350' ILC), a 350 feet Le Tourneau Super Enhanced 116e (Le Tourneau Super Enhanced 116e) jackup, has been laid on schedule.

This is a significant step in the construction of the Le Tourneau Super Enhanced 116e which involved constructing the 500 ton hull and placing it on the skidway of the Jiangsu Yangzijiang Offshore Engineering Co. Ltd. (YZJOE) new rig yard in Taicang (New Rig Yard), about 37.2 miles (60 kilometers) north west of Shanghai. Amedeo has an indirect 18.6 percent stake in YZJOE.

The laying of the keel, on schedule, demonstrates YZJOE's ability to construct rigs on schedule and that the New Rig Yard is now operational. In addition, the New Rig Yard's completion is on schedule for the middle of this year.

Ramlan Ahmad, executive director of Explorer 1 Ltd. (Explorer 1), the customer for the Le Tourneau Super Enhanced 116e said:

"We are impressed by the dedication and professionalism shown by YZJOE and how the build of its first rig, our Le Tourneau Super Enhanced 116e is progressing to quality and to schedule. YZJOE's welding, painting and finish are impressive. In addition, YZJOE's ability to crank out steel in accordance with the drawings vetted by our management team is most impressive. Typically, first time builders of complex drilling machines such as our Le Tourneau Super Enhanced 116e face difficulties. With progress on schedule and to quality thus far, we are confident that YZJOE will deliver our rig on schedule and to quality."

Glen Lau, CEO of Amedeo, said:

"We are delighted with YZJOE's progress on its first rig order and with its progress in constructing the New Rig Yard which is now operational. The Le Tourneau Super Enhanced 116e is on schedule to be delivered to quality and on time. The New Rig Yard is already operational and due to be completed in the middle of this year. Explorer 1 is pleased with the progress and build of its order, and new prospective clients have and are able to tour our facilities and see our work."


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