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.

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