Shelf Drilling Wins $151Mln Contracts

November 13, 2019

Dubai-headquartered offshore drilling contractor Shelf Drilling has added $151 million in contract awards, increasing the number of contracted rigs from 29 to 31 during the month of October.

The world’s largest contractor of jack-up rigs said in a stock exchange filing that it has  secured four-month extensions for the High Island II, High Island IV, Main Pass I and Main Pass IV jack-ups in continuation of their existing contracts in Saudi Arabia.

It also received an award for a three-year contract for the Trident II jack-up rig for operations in India and one-well contract on the Baltic jack-up rig for operations in Nigeria.

The provider of shallow water drilling services has  secured a three-year contract extension on the High Island VII jack-up rig in direct continuation of its current contract for drilling operations in the United Arab Emirates. It also received  a six months extension on the Rig 141 jack-up rig in direct continuation of its current contract for drilling operations in Egypt

David Mullen, Chief Executive Officer said: "Since the beginning of the third quarter, we have added $433 million of contract backlog for a total of 22.5 rig years. During Q2 and Q3 2019, we have incurred significant contract preparation and reactivation costs in advance of long-term contracts which will yield positive cash flow and returns once rigs enter service beginning in Q4 2019. With 31 of our 34 rigs under contract, our strong customer relationships and a differentiated operating track record, we are very well positioned as the jack-up market continues to recover.”



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