Hess extends Mermaid?s drilling rig contract

Thai drilling and sub-sea engineering services firm Mermaid Maritime Public Limited said on Monday that Hess (Indonesia-Pangkah) Limited has extended the contract to use its drilling rig MTR-1 for another 100 to 180 days.

This extension commenced on Feb. 10, 2009 and the contract extension value is between US$10 million to $20 million, including demobilization costs, the company said in statement.

MTR-1 Limited, which operates the rig, is 95 percent owned by Mermaid Maritime. The drilling contract between MTR-1 Limited and Hess started on Dec. 19, 2006. (denny)