Beaufort Securities view of Legendary 3/3/15: Legendary’s other investee companies like Virtual Stock Holdings Limited and Amedeo Resources also offer significant opportunity for value creation. Amedeo’s offshore vessel yard has now become fully operational, from
Most of it not new but post small reference to effect of declining oil price.
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.
Capital expenditure down on big projects unfortunately and we're not likely to see $70 for a long time. Shell pulled out of a investment in Qatar! I fear that firms may just continue with their rusty 25yr+ machines as it's not worth the investment. Happy to be shot down and I hope that I am!
The article 1+ year old. Oil prices are down 50% and the broker who wrote it has been replaced!
Do they still own that random £5,000 investment in Ashcout Rowan? Just been taken over.... SP is up 54%. Might as well fill the board with useles bits of news while we wait for something to happen! ðŸ˜
Interesting News Snippets - in the last update there was reference to the fact that the yard Amed are invested into can take on some of the overspill from the shipbuilding side...