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

Walking Into the Future: ADNOC Drilling Unveils First AI-Powered Island Rig

ASCO Sets Up Shop in Qatar to Drive Middle East Expansion

Mako Offshore Field Takes Step Toward First Gas with PT PAL Contract Award

Iran War Sparks Global Rush to Build Strategic Oil Reserves

Valeura Concludes Nong Yao Drilling Ops, Boosts Gulf of Thailand Production

Conrad Secures Drilling Rig for Mako Gas Field off Indonesia

Inpex Faces Threat of Broad LNG Loading Ban as AU Labour Dispute Deepens

Velesto Secures Malaysia Drilling Deal with Hibiscus

Dolphin Drilling Boosts Backlog with Harbour Energy Deal, Oil India Extension

ADNOC Drilling Posts Record First-Quarter Results with 5% Revenue Rise

Current News

Floating Nuclear: A New Offshore Energy Frontier

Markets: Oil Majors Reload Exploration Hoppers Across Sub-Saharan Africa

ONGC Completes 44 Offshore Rig Moves Ahead of Monsoon Season

ONGC Expands BP Partnership with Western Offshore Basin Services Contract

Walking Into the Future: ADNOC Drilling Unveils First AI-Powered Island Rig

Yinson Production Names FSO for Murphy's Lac Da Vang Project off Vietnam

Jadestone Brings First Malaysia Campaign Well Online at 3,000 bpd

Saipem to Sell Saudi Shallow-Water Drilling Business to ADES for $285M

Oman Opens Alternative Hormuz Lanes as Shipping Recovery Continues

ASCO Sets Up Shop in Qatar to Drive Middle East Expansion

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