Mermaid cuts rates to extend offshore Middle East work

Offshore staff

BANGKOK, ThailandMermaid Maritime says Asia Offshore Drilling, its venture with Seadrill, has secured an extension to Dec. 31 for the jackup drilling rig AOD III from an unnamed client in the Middle East.

The extension, at reduced rates, should add $8.4 million in revenue. AOD III has worked for the same client since 2013.

In late July, the contractor also gained extensions for the jackups AOD I and AOD II until summer 2019.

Another Mermaid joint-venture company, Zamil Mermaid Offshore Services Co., has had to reduce its rates to continue a long-term offshore inspection, repair, and maintenance services contract in the Middle East.

The five-year contract is scheduled to run until 4Q 2017.

Mermaid is providing a range of diving services using one of its DP-2 dive support vessels along with ROVs, specialized diving equipment, and divers.

The joint venture partner provides other offshore vessels, services, and logistics.

There is an option for the client to extend the contract by a further two years.


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...