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The fundementals have not changed nor has the management of AMED or their determination to grow the business. In a way I hope the sp drops a bit further so I can add a few more. Buy from frightened men so said Mr Rothchild.
Well iii(ii interactive investor) had Amed finishing with a spread if 21-28, with a mid of 24.50p. I suspect we'll open up with an offer price of near 28p, first trading day after Xmas, and be above 30p once again, in the New Year.
Time it took to write that, we're back-up!!!
Were back to more 'familiar grounds' once again, where MM's are happy to take on large amounts at a measly 18.20p but won't allow you to buy greater than 10k at 20.75p other than it goes to Negotiated Order. We've been taken down on miniscule volume of sells and one suspects, it won't take much buying to reverse. How long it takes our customer to raise the required cash(or alternative customer, if in the event, the original one is unable) 'how long is a piece of string'!!! The Proactive.. write up suggested not that long. As for finding rig employees, a month or so, as a guess. Let's hope it all works out. Merry Christmas!!!
When there was no news this rose to 40p and when we have real news of completion of rig...the SP drops by some 14%!
It's the general consensus...
Positive Proactiveinvestors.com report just out. I can't paste though. Customer likely just needs a little more time. Over reaction!
Agree should have done...but these guys / CEO not so good with informing the market. They release very few RNSs in general.
So why did they not warn people when it was racing to 40p and above, that was a 200%+ rise from the low but the news did not match it.
Well the rise was in anticipation of order completion and payment...well the rig is complete and ready for delivery, we are. We are waiting for the customer..which is the final bit!
This go from 11p to 40p in amazement on no news, already lost half those maximum gains.
Amedeo has been informed that, as stated in the interim results, the build and commissioning of Jiangsu Yangzijiang Offshore Engineering Co. Ltd's ("YZJ Offshore") first rig order, the Le Tourneau Super 116E Class design self-elevating mobile offshore jack up drilling rig, ("Explorer 1"), has been completed, pending final checks which are customarily made by the purchaser immediately prior to delivery.
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I suggest you look who AMED's customer is, it's Keppel FELS http://www.keppelom.com/en/content.aspx?sid=2537 This may be an over reaction. Let's see where this closes
I see that some people will have made some money on this shambles over the last few months. To be honest I had long forgotten all about it. Good luck to them but on the whole this share is a total disaster and has no future.
I'd say that's the opposite - now they have finally finished building this rig they haven't even got a buyer secured. It looks like whoever ordered it has had second thoughts but that Amedeo and partners may have another interested party if they are lucky. The original buyer has probably pulled out because the value of drilling rigs has plummeted over the last couple of years along with the cost of hiring these rigs. Do I hold here - no - but I did lose a lot of money on this nonsense a few years ago. Oh and by the way another company called Lamprell build several of these rigs a year. This one order has taken forever - and still there are no orders for anything else. "Lamprell (ticker: LAM), a leading provider of diversified fabrication, engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, is pleased to announce that National Drilling Company ("NDC"), Abu Dhabi, has exercised one of its existing options and awarded a contract to Lamprell for the construction and delivery of a high specification jackup drilling rig. Lamprell has previously been awarded contracts by NDC for a series of eight rigs and this ninth rig will be of the same design. The LeTourneau-designed, Super 116E (Enhanced) Class mobile offshore drilling unit will be constructed at Lamprell's facility in Hamriyah, United Arab Emirates (UAE), with a planned delivery in Q2 2017." "Lamprell (ticker: LAM), a leading provider of fabrication, engineering and contracting services to the energy industry, is pleased to announce the completion of construction of the "Ensco 141" jackup drilling rig and its delivery to Ensco Intercontinental GmbH, a subsidiary of Ensco plc ("Ensco"). The contract for the "Ensco 141" rig was signed in April 2014 and this is the second rig with the LeTourneau Super 116E (Enhanced) Class design which Lamprell has delivered to this leading drilling operator. The rig will be warm-stacked alongside its sister rig at Lamprell's stacking facility in Hamriyah, United Arab Emirates. The Group currently has a further four new build jackup rigs under construction at its Hamriyah facility, which are progressing as planned and will be delivered over the coming 6 months." And they even struggle to make a profit. Amedeo have made a real mountain of this one rig and now it isn't even sold.
It doesn't say there has been an " approach by another party " It says that if the planned buyers don't buy it - it will have to be sold to another party....... ??
1) Rig timescale for delivery met - End of year 2) Approach by 'another party' to purchase 3) Quality of Build - accepted by customer 4) Other potential buyers likely approach after RNS.
t's a quality product...otherwise you wouldn't have 'another party' approaching you to purchase this..and suspect after this RNS there will be a que...of potential buyers!
This is good news...another party is waiting in the wings to purchase...queuing up!
RNS extract: 'YZJ Offshore is confident that Explorer 1 will be sold either to the original purchaser or failing which, to another party. Explorer 1 is an established and advanced design with a popular footprint and at 350ft, is relatively efficient to operate.'