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.