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Mermaid shares swing as associate secures contract extensions worth $268 mil

Uma Devi
Uma Devi12/31/2019 12:33 PM GMT+08  • 2 min read
Mermaid shares swing as associate secures contract extensions worth $268 mil
SINGAPORE (Dec 31): Shares in Mermaid Maritime dived 9.9% to 13.6 cents by the mid-day break on Tuesday, after the group announced that associate company Asia Offshore Drilling (AOD) has secured contract extensions for two of its three jack-up drilling ri
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SINGAPORE (Dec 31): Shares in Mermaid Maritime dived 9.9% to 13.6 cents by the mid-day break on Tuesday, after the group announced that associate company Asia Offshore Drilling (AOD) has secured contract extensions for two of its three jack-up drilling rigs.

In a regulatory filing before market open on Tuesday, Mermaid said AOD has entered into a three year contract extension each for jack-up drilling rigs AOD II and AOD III, which are serving a “reputable client” in the Middle East.

The total contract value for the contract extensions amounts to some US$199 million ($268 million).

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