A Machine For Pigs, the follow-up to 2010's indie horror breakthrough hit Amnesia: The Dark Descent, is nearly finished and planned for a summer release, according to an update on publisher Frictional Games' blog.
Developer thechineseroom (Dear Esther) has finished development and now Frictional Games, which developed the original and passed the sequel on due to limited resources, is "testing, tweaking, optimizing, porting, translating and all those things that are part of the process of creating and releasing a game." Yes, porting. Feel free to speculate on console releases.
In addition to this announcement, the blog post addressed the reasons for the delay, as the title was originally slated for an October 2012 release: "Originally we thought it would be a short, experimental game set in the universe of Amnesia, but thechineseroom had a vision that was bigger than that. As their work progressed, the potential for a much greater project emerged. What we ended up with is no longer what we had first imagined, but a fully fledged Amnesia game. A different kind of Amnesia, but definitely not a short experiment."