Mermaid Completes Exit from Asia Offshore Drilling

Bartolomej Tomic
Tuesday, September 29, 2020

Thai offshore service provider Mermaid Maritime has completed the previously proposed exit from Asia Offshore Drilling, a joint venture firm with drilling contractor Seadrill.

Earlier this month, Mermaid said it would exercise its put option and sell its 33.76% in AOD to Seadrill for $31.0 million. 

The company said it wanted to limit its exposure to the volatile offshore drilling market and to focus on its core business which is the provision of subsea and related services to the offshore oil and gas industry

In a statement on Monday, Mermaid said that it had received the cash, completed the disposal of AOD shares, and thus ceased to hold any shares in the drilling company.

Asia Offshore Drilling, now fully controlled by Seadrill, owns three 2013-built jack-up rigs, all of them on contracts with Saudi Aramco.

The recent oil price downturn has seen one rig (AOD II) suspended from operations from June 2020 for a period of up to 12 months. 

The contract has been extended for the suspension period, however, the day rate discount has been agreed for 2020 and 2021. Day rates have been lowered for the other two rigs AOD I, and AOD II, respectively.

Categories: People Drilling Asia Rigs

Related Stories

ConocoPhillips, CNOOC Put Penglai Field off China Into Full Operation

ONGC Nears Venezuela Operatorship Deals, Regains Russia’s Sakhalin-1 Stake

Fugro Secures India Deepwater Drilling ROV Contract

India’s ONGC to Allocate Half of New Oil Storage to Strategic Reserves

Borr Drilling's Mexican JV Expands Fleet with Five Jack-Ups

Keppel Launches $2.9B Program to Monetize Legacy Offshore Drilling Rigs

ABL Gets Papua New Guinea FSO Job

Velesto Terminates NAGA 3 Jack-Up Rig Sale to Indonesian Firm

Arabian Drilling Set to Resume Ops with Three Offshore Rigs

From Fixtures to Values: Where the Jackup Recovery Is Already Being Priced

Current News

ConocoPhillips, CNOOC Put Penglai Field off China Into Full Operation

Mermaid Maritime Expands Into US Offshore Market

ONGC Nears Venezuela Operatorship Deals, Regains Russia’s Sakhalin-1 Stake

Fugro Secures India Deepwater Drilling ROV Contract

Vantris Energy Secures Petronas’ Offshore Drilling Work Orders

ADNOC, SLB Roll Out AI Platform Across More Than 120 Drilling Rigs

Oil Rises as Uncertainty Clouds US-Iran Peace Talks

India’s ONGC to Allocate Half of New Oil Storage to Strategic Reserves

Subsea7 Lands ‘Sizeable’ Contract for Work Offshore Brunei

FPSO for Azule Energy’s Angola Offshore Field Starts Taking Shape in China

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com