Asia Offshore Drilling Limited (AOD) has taken delivery of its third newâ€build jackâ€up rig, Ê¹AOD IIIÊ¹, from Singaporeâ€based rig builder, Keppel FELS.
Bangkok-based Mermaid Offshore founded AOD in 2010 and currently holds a 33.76% stake in the venture. Seadrill is AOD’s manager and owns 66.23% of its shares.
The AOD III will now be transported to the Middle East to join the AOD I and AOD II and begin its threeâ€year contract with Saudi Aramco.
“Mermaid made a visionary move when it founded AOD in 2010, anticipating an upturn in the oil and gas sector,” said Mr. Chalermchai Mahagitsiri, Executive Vice Chairman and CEO of the Company. “In getting this timing right, AOD has taken delivery of its assets in the midst of a bull market for oil exploration, allowing us to take advantage of some of the strongest day rates in recent history.”