Seadrill & Mermaid Secure $225M Contract Extensions for Jackups Rigs

Source: www.gulfoilandgas.com 7/29/2016, Location: Middle East

Mermaid Maritime Public Company Limited announces that its associate Asia Offshore Drilling Limited (“AOD”) has secured a three-year contract extension from Saudi Aramco for the jack-up drilling rigs AOD I and AOD II expiring in June 2019 and July 2019, respectively. The extensions are in direct continuation of the current contracts and will add approximately US$225 million in contract backlog. These units have been working for Saudi Aramco since 2013 and Mermaid is pleased that AOD continue its long term relationship with Saudi Aramco.

AOD’s third jack-up rig AOD III continues to work with Saudi Aramco and its initial threeyear contract is due to expire in October 2016 with negotiations for contract extension still ongoing. AOD is a partnership venture between Mermaid and Seadrill. Mermaid has a 33.76 percent equity stake in AOD and the remaining 66.24 percent equity is owned by Seadrill Limited.

Financial Effects
Assuming that the contracts had commenced and had been completed within the most recent financial year (the Company’s last financial year ended 31 December 2015), the performance by the Company of the contracts would have had a material adverse effect on the earnings per share of the Company (on a consolidated basis) given that the day rates secured for the extensions are materially lower than the previous year’s day rates, and a non-material effect on the net tangible assets per share of the Company (on a consolidated basis) for that financial year.


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Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

Related Articles: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 


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