Amedeo’s first investment was in offshore fabrication. In July 2012, US$15.3 million (£10.0 million) was invested in a new marine vessel construction yard, Jiangsu Yangzijiang Offshore Engineering Co. Ltd. (“YZJ Offshore”), through a joint venture, YZJ Offshore Engineering Pte Ltd, (“YZJ JV”), with Yangzijiang Shipbuilding (Holdings) Pte Ltd (“Yangzijiang Holdings”). Yangzijiang Holdings is the largest non-state owned container shipbuilder in China and is listed on the main board of the Singapore Stock Exchange.
Amedeo’s Directors were aware that Yangzijiang Holdings wanted to diversify from shipbuilding into the offshore marine vessel construction, and was open to collaborating with partners with expertise in the sector. A joint venture, YZJ JV, with Amedeo holding a 46.5% stake, was established. YZJ JV in turn has a 40.0% stake in YZJ Offshore which has an offshore marine construction vessel yard. Amedeo has a 19.0% stake in YZJ Offshore.
YZJ Offshore’s new yard is located on approximately 1.6 million square metres of prime shorefront land in Taicang, Jiangsu Province on China’s east coast, some 50 miles north of Shanghai. This is the ideal location for the construction of a marine vessel yard due to its deep water and absence of bridges en route to the open sea.
The new yard is fully operational and has the capability to build various marine vassels including jackup rigs, semi-submersible and accommodation units, as well as the ability to build blocks for container ships and gas carrier vessels.