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

Lamprell Secures ONGC Deal for Subsea Pipeline Replacement Project

China’s Five-Year Plan Focuses on Oil Stability, Gas and Reserves Growth

Petronas Picks OceanSTAR Elite FPSO for Asian Oil and Gas Project

Arabian Drilling Reactivates Fleet as GCC Offshore Contract Starts

Velesto Lands Jack-Up Drilling Deal with Jadestone off Malaysia

Inpex Eyes Mid-Year Bids for $21B Indonesia LNG Project

Turkish Petroleum, Chevron Discuss Joint Oil and Gas Exploration

Murphy Oil Appraisal Well Boosts Resource Outlook at Field off Vietnam

Velesto Agrees $63M Jack-Up Drilling Rig Sale with Indonesian Firm

ADES Nets $63M Contract for Compact Driller Jack-Up off Brunei

Current News

Remazel Expands Offshore Services Footprint in Brazil with H Tech Acquisition

Lamprell Secures ONGC Deal for Subsea Pipeline Replacement Project

China’s Five-Year Plan Focuses on Oil Stability, Gas and Reserves Growth

Velesto Gets Shell’s Deepwater Job Offshore Malaysia

Subsea7 Extends Engagement on Türkiye’s Sakarya Field with New Deal

Asia’s Oil Reliance on Middle East Explained

Oil Prices Go Up 3% as Iran Crisis Disrupts Supply

Petronas Picks OceanSTAR Elite FPSO for Asian Oil and Gas Project

Velesto Inks Five-Year Drilling Deal for Jack-Up Rig with Petronas

Arabian Drilling Reactivates Fleet as GCC Offshore Contract Starts

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