Amedeo has been informed that, as stated in the interim results, the build and commissioning of Jiangsu Yangzijiang Offshore Engineering Co. Ltd's 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.

The purchaser is in the process of securing financing and employment for the rig, and is in discussions with third parties regarding both. The purchaser has requested that delivery of the rig be delayed until financing and an employment are secured.

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.


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