Shelf to increase jack-up tally to 39 rigs

Offshore driller Shelf Drilling is set to expand its fleet with three jack-up rigs.

The company, one of the world’s largest jack-up rig contractors, has decided to conduct a private placement of new common shares, aiming to raise $250 million, to be used for fleet expansion.

Shelf has entered into letters of intent to acquire three premium jack-up drilling rigs from an unnamed third party for $225 million.

According to Shelf, the acquisition remains subject to execution of a mutually agreed sale and purchase agreement, board approvals from both parties, and confirmation that the required financial structure is in place no later than April 30, 2017, which is intended to be met through the privateplacement.

“The acquired rigs all have a reputable operating history in Shelf Drilling’s key markets and will strengthen the group’s leading position there. The acquisition will further strengthen the group’s fleet and fortify the group’s position as a globally leading jack-up contractor. The group’s total jack-up rig count will increase from 36 rigs to 39 jack-up drilling rigs,” Shelf said.

Earlier this month, Shelf took delivery of  its second newbuild jack-up rig – Shelf Drilling Krathong (SDK). The rig will be used by Chevron in Thailand, under a five-year contract awarded in 2014.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply