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.

10/11/2016

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