Aramco takes AOD rig duo

Saudi Aramco

related stories

Eoin O'Cinneide

 13 March 2013 13:44 GMT

Saudi Aramco has inked a deal worth over $460 million to contract a pair of Asia Offshore Drilling (AOD) rigs currently under construction in Singapore.

The deals for the jack-ups AOD II and AOD III follow a similar contract from the Saudi Arabian state oil behemoth for a sister unit.

Aramco is getting its hands on the two newbuilds for a firm period of three years each with an option for a one-year extention.

The contract price for each of the firm periods is $197 million, Oslo-listed AOD said on Wednesday, meaning a dayrate of $180,000. AOD described the contract price as "potential revenue" meaning it is likely to be inclusive of possible bonus payments.

Aramco, which will use…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index