Mermaid Maritime exits Seadrill offshore drilling venture for US$31m
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 …
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Syngenta to withdraw China IPO application on weak market: sources
Chinese firms’ fundraisings in limbo as IPOs scrutinised at home and abroad
China’s Huawei continues rebound with strongest earnings growth since 2019
Hatten Land gets notice of default, letter of demand for RM14 million, appoints financial adviser
ComfortDelGro wins contracts to run buses in Manchester
Sam Bankman-Fried, at sentencing, acknowledges FTX customers have suffered