Mermaid cancels US$298m rig order
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Singapore
MERMAID Maritime Public Company has cancelled its US$298 million construction order for two rigs as the depressed oil and gas market reduces demand for drilling rigs.
In an announcement late on Dec 31, the group said that it will not be taking delivery of the rigs from the builder, China Merchants Industry Holdings, by the delivery date, and that it has also not received any genuine interest from third party buyers for the rigs so far.
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