Jack-up rig specialist Shelf Drilling has scored more drilling work with Eni in the Adriatic Sea offshore Italy.
The Italian oil company has hired the Key Singapore jack-up rig and has extended the contract for the Key Manhattan rig.
The contract for the Key Singapore jack-up rig is for two years and is expected to start between May and July 2019. Eni will have an option to extend for another year.
The Key Manhattan has secured an extension on its current contract with Eni offshore Italy until July 2021. The Key Manhattan has been working for Eni offshore Italy since 2010.
David Mullen, Chief Executive Officer, Shelf Drilling, said: “We are very pleased with the new contract for the Key Singapore and the extension for the Key Manhattan.”
“The Key Manhattan rig has delivered exceptional safety and uptime performance since contract commencement in 2010 and we are very pleased to have the opportunity to relocate the Key Singapore to Italy next year, a rig of the same design with recent upgrades that provide enhanced operational capabilities.
According to Marine Traffic, the Key Singapore drilling rig is currently moored in the Persian Gulf, offshore the UAE.
Mullen added: “Through this opportunity, we capitalize on the experience we have built over the years in the Adriatic Sea to bring the best value to our customer and strengthen our long-term presence in Italy.”
Shelf Drilling, one of the world’s biggest jack-up rig operators had 28 contracted and 8 available rigs as per June 30, 2018.
The company in August said that the jack-up rig market had bottomed out, and that the cycle was turning up from historic lows, “with significant recovery to follow.” This was echoed this week by Shelf Drilling’s rival, Borr Drilling, which on Wednesday said it had begun activation of four jack-up rigs despite not having secured contracts for them
Borr Drilling said: “Supported by the strong increase in direct customer requests and the material increase in tender activity of approximately 50% year to date, the Board has decided to initiate the activation without having secured firm employment for the four rigs. However, the Board sees several interesting opportunities for employment at attractive rates.”
Offshore Energy Today Staff