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Asia Offshore Drilling Takes Delivery of AOD III

2013-07-19
Mermaid Maritime Public Company Limited (the Company) announced that Asia Offshore Drilling Limited (AOD), an associate company, has taken delivery of its third newbuild jackup AOD III (400' ILC), from Singapore‐based builder Keppel FELS Ltd. The Company founded AOD in 2010 and currently holds a 33.76 percent stake in the venture. Seadrill is AOD’s manager and owns 66.23 percent of its shares.

AOD III will now be mobilized to the Middle East to begin its three‐year contract with the Saudi Arabian Oil Company (Saudi Aramco). AOD III and the two previously delivered jackups, AOD I (400' ILC) and AOD II (400' ILC), 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 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.”