Shelf Drilling, Ltd., an United Arab Emirates-based firm, announced Tuesday that one of its subsidiaries has been awarded contracts for two newbuild jackups by Chevron Thailand, a subsidiary of Chevron Corporation.
The two drilling contracts are for a five-year term each and the newbuild jackups are scheduled to commence operations offshore Thailand during the first and third quarter of 2017 respectively. The estimated revenues which could be generated over the five-year contract term are approximately $281 million for each jackup, excluding revenues for mobilization, demobilization and miscellaneous adjustments.
In connection with the contracts, Shelf Drilling will commission two fit-for-purpose newbuild jackups based on the MLT Super 116 E design. A subsidiary of Shelf Drilling, Ltd. has entered into a shipyard contract with Lamprell Plc to construct both jackups at the Lamprell Hamriyah shipyard in Sharjah, United Arab Emirates. This contract will be executed for an estimated combined capital cost of $370 million, excluding capitalized interest.
The two jackups, designed through collaboration between Chevron Thailand, Lamprell Plc, and Shelf Drilling engineering and operations personnel, will be capable of operating in water depths of up to 350 feet and for use in constructing wells with maximum drilling depth of 30,000 feet. The jackups will feature specifically fit-for-purpose offshore drilling technology, and accommodation for 160 persons.
Shelf Drilling is a private company owned by management and private equity funds managed by Castle Harlan, CHAMP Private Equity and Lime Rock Partners.
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