Creon Resources PLC Creon ready to "strike steel" in China (5891M)
28 Agosto 2013 - 8:00AM
UK Regulatory
TIDMCRO
RNS Number : 5891M
Creon Resources PLC
28 August 2013
28 August 2013
Creon Resources Plc
("Creon" or "the Company")
Creon ready to "strike steel" in China
Rig construction commences
Creon, the Aim-listed resource and resource infrastructure
focused investment company is pleased to announce that, Jiangsu
Yangzijiang Offshore Engineering Co. Ltd. ("YZJOE"), in which Creon
has a 18.6% stake through its joint venture with China's third
largest ship building group, Yangzijiang Shipbuilding (Holdings)
Pte Ltd (SP:YZJ), is ready to "strike steel" on the construction of
its 350ft Le Tourneau "super enhanced 116e" design self-elevating
Mobile Offshore Jack-up Drilling Rig.
This follows seven months of detailed technical engineering
work, carried out by YZJOE in conjunction with Explorer 1 Limited
(100% owned by Mena Offshore Investments Limited (MENA) and managed
by Offshore Logistics (Asia Pacific) Pte Ltd (OLAP)). The rig is
expected to be ready for commissioning within two years.
"Striking steel" in offshore marine construction parlance means
that the detailed engineering phase has been successfully completed
and execution of the underlying project can now begin at its joint
venture yard based in Taicang, outside Shanghai.
Glen Lau, CEO of Creon, stated:
"Self-elevating jack up rigs such as this, built to the most
modern and stringent international engineering standards are in
short supply and high demand, particularly with the oil majors.
They also have the capability to deliver a valid 'working life' of
up to 20 years.
"With ever more demanding technical and accommodation
specifications, the rig has to be at least semi-automated and have
the ability to meet today's deeper drilling requirements, whilst of
course at a highly competitive price".
Creon is pleased that this joint venture with China's largest
non-governmental shipyard has helped it diversify into the offshore
marine oil and gas industry which has strong prospects as the
deeper basins are now generally all ocean-based. The offshore
marine industry also encompasses the offshore wind farm market and
the consortium is already in discussion with some prospects on how
best to capitalise on this further market opportunity.
For further information please contact:
Creon Resources Plc
Glen Lau (CEO) Tel: +65 6224 6766
Tel: + 44 20 7583 8304
Nominated Adviser & Broker
Daniel Stewart Tel: + 44 (0) 20 7776
Paul Shackleton/James 6550
Felix
About Creon Resources Plc
Creon Resources Plc is an investment company which invests
principally in the resources and resources infrastructure sectors.
Creon has a deep and broad global network and wide contact base in
these sectors, including in East and South East Asia and the Middle
East which it leverages to source and make investments. These
sectors exhibit high growth and are strategically important. Creon
is a proactive investor which assists its investee companies to
grow by providing investment, expertise and contacts.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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