Offshore drilling contractor Shelf Drilling has signed an agreement for the sale of Baltic jack-up rig for $60 million with an undisclosed client.
The buyer intends to deploy the rig on a multi-year, plug and abandonment (P&A) program in Southeast Asia, and Shelf Drilling has agreed to provide rig management and operations support to the buyer for the upcoming P&A campaign.
The Baltic jack-up rig has completed its contract in West Africa, and will shortly commence mobilization to Southeast Asia.
Closing of the sale transaction is subject to customary closing conditions with completion anticipated in late August 2024.
The Baltic jack-up rig, of the Marathon LeTourneau Super 300 design, was built in 1983 and upgraded in 2015. It can operate in water depth of up to 375 feet or 114.3 meters.
Shelf Drilling acquired the rig - previously known as GSF Baltic - from Transocean in 2012, after Transocean agreed to sell 38 jack-ups to the company, marking its exit from shallow water drilling business.