Asia Offshore Drilling takes delivery of third new-build jackup

7/18/2013

Asia Offshore Drilling takes delivery of third new-build jackup

BY MELANIE CRUTHIRDS, News Editor

BANGKOK and SINGAPORE -- Thoresen Thai Agencies (TTA) announced today that Asia Offshore Drilling (AOD) has taken delivery of its third new-build jack-up rig, AOD III, from Singapore-based builder Keppel FELS. AOD is an associate company of Mermaid Maritime. Mermaid, TTA’s oil and gas services subsidiary, founded AOD in 2010, and currently holds a 33.76% stake in the venture. Seadrill, which manages AOD’s commercial operations, owns 66.23% of the company.

AOD III will now be mobilized to the Middle East to begin its three-year contract with Saudi Aramco. AOD III and the two previously delivered rigs, AOD I and AOD II, have each signed contracts with Saudi Aramco to provide drilling services for an initial period of three years, plus a one-year option.

Earlier this month, Mermaid received approval from its shareholders to proceed with a rights issue that could raise up to $140 million toward the potential purchase of additional drilling assets.

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