Mermaid Maritime Public Company Limited announced yesterday that Asia Offshore Drilling Limited (AOD), an associate company, has taken delivery of its third new‐build jack‐up rig, ʹAOD IIIʹ, from Singapore‐based builder Keppel FELS Ltd. (Keppel FELS). The Company founded AOD in 2010 and currently holds a 33.76% stake in the venture. Seadrill is AOD’s manager and owns 66.23% of its shares.
ʹAOD IIIʹ will now be mobilised to the Middle East to begin its three‐year contract with the Saudi Arabian Oil Company (Saudi Aramco). ʹAOD IIIʹ and the two previously delivered rigs, ʹAOD Iʹ and ʹAOD IIʹ, have drilling contracts with Saudi Aramco which have been entered into and managed by Seadrill Limited on behalf of AOD, for an initial period of three years plus a one‐year option.
“Mermaid made a visionary move when it founded AOD in 2010, anticipating an upturn in the oil and gas sector,” said Mr. Chalermchai Mahagitsiri, Executive Vice Chairman and CEO of the Company . “In getting this timing right, AOD has taken delivery of its assets in the midst of a bull market for oil exploration, allowing us to take advantage of some of the strongest day rates in recent history.”
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Mermaid Maritim, July 18, 2013