Shelf Drilling Wraps Maersk Completer Rig Buy

Maersk Completer jack-up rig. Source: Maersk Drilling
Maersk Completer jack-up rig. Source: Maersk Drilling

Dubai-based offshore drilling firm Shelf Drilling has completed the purchase of the jack-up drilling rig Maersk Completer from Maersk Drilling. 

The rig, which has now been renamed, has been stacked in Singapore since 2017. The two companies originally announced the sale and purchase agreement in December 2019. Shelf agreed to pay $38 million in cash for the jack-up unit.

Oslo-listed Shelf Drilling on Tuesday said: "The company is pleased to announce that it has on January 7, 2020, completed the purchase and acceptance of the jack-up rig. The rig has been renamed Shelf Drilling Enterprise." 

Similarly to its original announcement in December, Shelf Drilling on Tuesday did not disclose the deployment plans for the rig. 

"The company will provide a further update on the expected deployment of this rig in the near-term," the Dubai-headquartered jack-up specialist said.

The seller, Denmark-based Maersk Drilling, said in December the sale of the Maersk Completer was in line with the company's decision to focus its activities on the harsh environments in the North Sea.

"With limited prospects for our reactivation of Maersk Completer we believe a sale creates the highest value for Maersk Drilling and our shareholders,” says Jesper Ridder Olsen, CFO of Maersk Drilling said in December 2019. 

After the sale, Maersk Drilling’s rig fleet counts 14 jack-up rigs, of which 13 are suited for operation in harsh environments, and eight floaters.

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