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MeldingsID: 290442
Dato/tid 29.09.2011 12:49
Utsteder Asia Offshore Drilling Limited
UtstederID AOD
Instrument
Marked OAX
Kategori ANDRE BØRSMELDINGER
Informasjonspliktig   Informasjonspliktige opplysninger   Lagringspliktig melding
Vedlegg
Tittel AOD - Resolves to upgrade the water depth capacity for its three jack-up rigs under construction
Tekst
Hamilton, Bermuda, September 29, 2011 - Asia Offshore 
Drilling Limited (the "Company") has decided to 
increase the water depth capacity from 350 feet to 
400 feet for its three jack-up rigs under 
construction. This investment will increase the 
marketability of the rigs, allowing them to 
successfully operate in more offshore areas. The 
additional capital expenditure to extend the legs is 
estimated to be below US$ 5 million per rig.
These upgrades will have some impact on the delivery 
schedule of the first two rigs, as the first rig will 
be delivered in the first calendar quarter of 2013 
and the second rig will be delivered by the end of 
the second calendar quarter of 2013. The delivery of 
the third rig remains unchanged at the end of the 
third calendar quarter of 2013. The Board believes 
these upgrades will improve the long-term return on 
investment for the Company's shareholders.
The Company has an option for construction of one 
more jack-up rig at Keppel FELS that matures on 
September 30, 2011. The Board has resolved to not 
exercise this option. Given the prevailing 
uncertainty and volatility in the financial markets, 
the Board's objective is to enhance the quality, 
marketability and value of the existing rigs rather 
than incur additional financial risk by ordering a 
fourth rig. The decision not to exercise the option 
will ensure that the Company remains fully financed 
up to the delivery of the first rig in 2013. 

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