Seadrill Acquires Stake in Asia Offshore Drilling

4 July 2011 (Last Updated July 4th, 2011 18:30)

Seadrill has acquired a 33.75% interest in Asia Offshore Drilling for $54m through a private placement. Mermaid Maritime Public Company established Asia Offshore Drilling in late 2010 when two MOD-V B Class jack-up rigs were ordered at Keppel FELS in Singapore. Asia Offshore

Seadrill has acquired a 33.75% interest in Asia Offshore Drilling for $54m through a private placement.

Mermaid Maritime Public Company established Asia Offshore Drilling in late 2010 when two MOD-V B Class jack-up rigs were ordered at Keppel FELS in Singapore.

Asia Offshore Drilling also signed option agreements for the construction of two similar units, and the funds from this placement will be used to exercise the first of two options.

In addition, Seadrill will oversee the construction supervision, project management and commercial management of all Asia Offshore Drilling’s jack-up rigs.