Singapore: Keppel FELS Delivers Second Rig to AOD

Mermaid Maritime Public Company Limited announced that the second rig ordered by its associate Asia Offshore Drilling Limited (“AOD”) from Keppel FELS Limited (“Keppel”) in Singapore, ‘AOD II’, has been successfully delivered to AOD’s wholly owned subsidiary, Asia Offshore Rig 2 Limited.

‘AOD II’ will now be mobilised to the Middle East to commence its drilling contract with Saudi Aramco. This contract, previously announced on 13 March 2013, has a minimum duration of three years plus a one-year option. The potential revenues for the initial three- year period are approximately USD 197 million plus a mobilisation fee of USD 34 million covering certain upgrades, mobilisation costs, and day rates during the mobilisation period. The said drilling contract is scheduled to commence by end of June 2013.

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Mermaid Maritime, April 17, 2013; Image: Keppel FELS