Mermaid also said its associated company Asia Offshore Drilling Limited ("AOD") has signed a drilling contract whereby AOD's first jack-up drilling rig 'AOR-1' will be leased to another "reputable client". The charter has been entered into and will be managed by Seadrill Ltd., 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$197m plus a US$39.5m mobilization fee which includes certain upgrades, other mobilization costs and day rate during the mobilization period. The rig is currently under construction with Keppel FELS in Singapore. [26/10/12]