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Legendary Investments: RNS 24/12/2014: Amedeo continued to make progress. In April 2014, the keel of Explorer 1, Amedeo's first jack up rig order was laid at, importantly, Amedeo's new offshore vessel yard. Explorer 1's build is currently on schedule and to quality, and it is expected to be delivered in 3Q15. Moreover, the new yard is fully operational. Discussions with new potential customers are on-going, and despite the declining oil price, the new yard's management are confident of obtaining further orders. Approximately half the world's offshore rig fleet is over 25 years old and replacement cannot be postponed indefinitely. Amedeo's 49% investee, MGR Resources PTE ltd ("MGR"), remained profitable despite a fall in iron ore prices. In addition, MGR improved the quality of its contracts.
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