Asia Offshore Drilling reduces Saudi Aramco jackup rig rates by 10%

Asia Offshore Drilling reduces Saudi Aramco jackup rig rates by 10%

Singapore: Asia Offshore Drilling, owned by Seadrill and Thailand’s Mermaid Maritime, has reached an agreement with Saudi Aramco to reduce the operating day rates on jackup rigs AOD I, AOD II and AOD III by 10 percent.

The company was awarded a firm 3-year contract for the three rigs in 2013, with options for another one year to 2017. It said the rigs have been operating with utilisation rates in excess of 95% where in the most recent quarter, with an overall average of 99%.

The 10% reduction is effective from April 1, and will cost Asia Offshore Drilling around $20m in lost revenues.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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