Offshore drilling firm Shelf Drilling has secured a five-year contract for the recently acquired premium jack-up rig Shelf Drilling Victory for operations in the Arabian Gulf.
The contract value for the firm period, including mobilization revenue, is approximately $236 million.
The contract also includes a two-year extension option, and the planned start-up of operations is late March 2023.
Prior to starting the contract, the jack-up rig is scheduled to complete a reactivation and upgrade project, which is currently underway in the United Arab Emirates.
David Mullen, Chief Executive Officer said: “We are very pleased to further expand our operations in the Middle East and strengthen our position in a strategically important market. This long-term contract is an opportunity for us to build and leverage the experience of our highly capable team and unique operating platform, and demonstrates our ability to consistently generate value for the company. The award will contribute
significantly to our contract backlog growth and indicates an improving jack-up market outlook.”
The 2008-built jack-up rig was previously owned by India's Aban Offshore, under the name Deep Driller 7. Shelf took delivery of the rig in July 2022.