Shelf Drilling announced Wednesday that it will not proceed with a planned initial public offering on the London Stock Exchange "due to challenging market conditions despite a positive response from prospective investors to the company, its strategy and operations".
Shelf had been looking to raise $500 million, part of which was to be used to repay part of a $350 million loan facility. The firm would have been the second Gulf-based oil services firm to float its shares on the London Stock Exchange this year after shares in Gulf Marine Services began trading on the exchange in March.
Shelf said that the outlook for its business continues to be positive, with a contracted order backlog of $3.4 billion as of May 27.
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