Three-year contract extension for ‘AOD I’ adds stability of earnings to AOD until 2022.

Mermaid Maritime Public Company Limited (Mermaid) announced earlier today that its associate Asia Offshore Drilling Limited (AOD) has secured a three-year contract extension for the jack-up drilling rig AOD I serving a reputable client in the Middle East until June 2022.

Mermaid’s associate Asia Offshore Drilling Limited secures contract extension for jack-up rig AOD I
Caption: Jack-up rig AOD I - Image courtesy of Seadrill

This extension shall be in direct continuation to the current contract which is scheduled to expire by end of June 2019 and will add approximately US$ 80 million in contract backlog to AOD.

This unit has been working for the same reputable client since 2013.

AOD owns three (3) jack-up drilling rigs, ‘AOD I’, ‘AOD II’ and ‘AOD III’. Mermaid has a 33.76 percent equity stake in AOD and the remaining 66.24 percent equity is owned by an affiliate of Seadrill Limited.

Source: Mermaid