Andrada Mining acquisition elevates the miner to emerging mid-tier status. Watch the video here.
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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.
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 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