Shelf Drilling Bags New Deals

Shelf Drilling Bags New Deals
Shelf Drilling, Ltd. (OSE: SHLF) announced Thursday that it has secured a ten-year contract extension for the High Island IX jack-up rig in direct continuation of its current contract in the Arabian Gulf.

Shelf Drilling, Ltd. (OSE: SHLF) announced Thursday that it has secured a ten-year contract extension for the High Island IX jack-up rig in direct continuation of its current contract in the Arabian Gulf.

The contract dayrate allows for annual rate adjustments based on the previous 12-month average Brent crude oil price, Shelf Drilling noted. Following the extension, the expected availability of the rig is now June 2031.

The deal follows a separate contract win announced on Wednesday, which saw the company receive an award for a three-year contract for the Trident XII jack-up rig with Oil and Natural Gas Corporation (ONGC) for operations in the Mumbai High, offshore India. The planned start-up of operations under this contract is the fourth quarter of this year.

Last month, Shelf Drilling revealed that it had received an award for a three-year contract for the J.T. Angel jack-up rig with ONGC for operations in the Mumbai High. The planned start-up of operations under this contract is also the fourth quarter of 2021. Back in March, Shelf Drilling secured a two-year contract extension for the Trident 16 jack-up rig in direct continuation of its term with Belayim Petroleum Company (Petrobel) for operations in the Gulf of Suez offshore Egypt.

In January, the company revealed that it had received a notification of early termination of the contracts for the High Island VII and Compact Driller jack-up rigs. The contract end date for both rigs was updated to August 2021. Original contract end dates for the High Island VII and Compact Driller were February 2023 and June 2022, respectively.

Shelf Drilling describes itself as a leading international shallow water offshore drilling contractor with rig operations across Middle East, Southeast Asia, India, West Africa, and the Mediterranean. The business was founded in 2012 and is incorporated under the laws of the Cayman Islands with corporate headquarters in Dubai, United Arab Emirates.

To contact the author, email andreas.exarheas@rigzone.com



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