The company has acquired the stake in Asia Offshore Drilling by participating in a private placement announced by Asia Offshore Drilling.

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

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

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