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Seadrill gets rig extension deal from Saudi Aramco

Seadrill gets rig extension deal from Saudi Aramco
Seadrill Limited has received a three-year contract extension from Saudi Aramco for the jack-up rig AOD III, putting the expiry in December 2019.

Seadrill said the extension is in direct continuation of the current contract and will add approximately $112.5m in contract backlog for the company.

The extension, however, is at reduced rates in order to remain competitive in the challenging offshore market.

This extension follows the three-year extensions of two sister rigs AOD I and AOD II, with their contracts expiring June 2019 and July 2019 respectively.

All three units have been working for Saudi Aramco since 2013.

The rigs are owned by Asia Offshore Drilling (AOD), a partnership venture between Seadrill owning 66.24% equity stake and Mermaid Maritime with the remaining 33.76%.