Mermaid associate secures contract extension for jack-up drilling rig

MERMAID Maritime Public Company on Thursday announced that its associate Asia Offshore Drilling (AOD) has secured a three-year contract extension for the jack-up drilling rig, AOD III, with a client in the Middle East until December 2019.

This extension, contracted at reduced rates in order to "remain competitive in this challenging business environment", is in direct continuation to the current contract which is scheduled to expire by end of 2016.

It will add about US$112 million in contract backlog.

Mermaid said that this unit has been working for the same client since 2013.