Seadrill buys into Asia Offshore Drilling

Seadrill has taken a 33.75% stake in Asia Offshore Drilling Ltd. for $54 million.

Offshore staff

HAMILTON, Bermuda – Seadrill has taken a 33.75% stake in Asia Offshore Drilling Ltd. for $54 million. Seadrill also has agreed to be responsible for construction, supervision, project management, and commercial management of Asia Offshore’s jackup drilling rigs.

Asia Offshore Drilling was established by Mermaid Maritime plc in late 2010 when two MOD-V B Class jackup rigs where ordered at Keppel FELS in Singapore. Asia Offshore 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.

07/01/2011

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