Completion in sight for jack-up Explorer 1

Amedeo Resources, an AIM quoted company investing primarily in the resources and energy sectors, has informed that the physical build of the jack-up rig Explorer 1 has been completed. 

The jack-up drilling rig, of the Le Tourneau Super 116E Class design, was Jiangsu Yangzijiang Offshore Engineering’s (YZJ Offshore) first rig order. It was built in its rig yard in Taicang about 60km north west of Shanghai. 

Amedeo has an indirect 18.6% stake in YZJ Offshore.

According to Amedeo, the commissioning of the rig, including American Bureau of Shipping classification, is expected to be completed during 2016.

The rig was ordered by Explorer I Limited back in 2012 in a deal valued at $170 million. The first steel was cut in August 2013 and the delivery was originally scheduled for the second quarter of 2015.

Explorer I Limited is owned by Mena Offshore Investments Limited, established to build, sell and lease drilling rigs, and managed by Offshore Logistics (Asia Pacific) Pte Ltd.

Glen Lau, Chief Executive Officer, commented: “We are pleased that physical build of YZJ Offshore’s first rig is complete. Following successful testing and commissioning, the rig will be delivered to the client.”

Offshore Energy Today Staff

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