Asia Offshore Drilling Ltd (AOD) has signed drilling contracts whereby AOD's jack-up drilling rigs AOD II and AOD III will be leased to Saudi Aramco for operations offshore Saudi Arabia. The drilling contracts have been entered into and will be managed by Seadrill Management, on behalf of AOD.
The contract duration is a minimum of three years plus a one-year option. The potential revenues for the three-year period are approximately US$197 million per rig plus a mobilization fee of US$34 million per rig, which includes certain upgrades, other mobilization costs and day-rate during the mobilization period. AOD II and AOD III are currently under construction at Keppel FELS in Singapore with scheduled delivery dates of April and July 2013, respectively.