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Mermaid Maritime exits Seadrill offshore drilling venture for US$31m

Fiona Lam
Published Tue, Sep 15, 2020 · 09:50 PM

Singapore

THAILAND-BASED oil service specialist Mermaid Maritime Public Co will sell its 33.76 per cent stake in Asia Offshore Drilling (AOD) for US$31 million in cash.

Mermaid Maritime's wholly-owned subsidiary, Mermaid International Ventures (MIV), last Friday exercised a put option - about three weeks before it expires - to sell all its shares in AOD to Oslo-listed deepwater drilling contractor Seadrill. An affiliate of Seadrill holds the remaining 66.24 per cent interest in AOD.

Seadrill in April 2018 signed an agreement to grant MIV the put option, exercisable between Oct 1, 2019 and Sept 30, 2020, as part of AOD's loan refinancing at the time. Seadrill was also granted a call option in respect of MIV's shares in AOD, exercisable from Oct 1, 2020 to …

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