Seadrill Acquires Ownership Stake in the Jack-up Rig Company Asia Offshore Drilling Ltd.

By MarEx 2012-11-20 16:19:00

Seadrill has participated in a private placement in Asia Offshore Drilling Limited and has been allocated shares for US$54 million which corresponds to a 33.75 percent ownership stake.

Asia Offshore Drilling was established by Mermaid Maritime Public Company Limited in late 2010 when two MOD-V B Class jack-up rigs where ordered at Keppel FELS in Singapore. Asia Offshore Drilling had in addition option agreements for construction of two similar units. The proceeds from the private placement will be used to exercise the first of the two options. Mermaid will following the private placement have an ownership share of 33.75 percent in Asia Offshore Drilling.

Furthermore, it has been agreed that Seadrill will be responsible for the construction supervision, project management, and commercial management of all of Asia Offshore Drilling's jack-up rigs.

Asia Offshore Drilling has applied for listing on Oslo Axess.