Shelf Drilling Signs Jack-Up Rig Extension Deal in Egypt

Shelf Drilling's Rig 141 jack-up (Credit: Shelf Drilling)
Shelf Drilling's Rig 141 jack-up (Credit: Shelf Drilling)

Offshore drilling contractor Shelf Drilling has secured a two-year contract extension for the Rig 141 jack-up rig for operations in the Gulf of Suez, offshore Egypt.

The contract extension is in direct continuation of Rig 141 current term with Gemsa Petroleum Company (Gempetco).

The total estimated value for the contract extension is approximately $51 million.

According to Shelf Drilling, one year of the extension will be farmed out to Petrogulf Misr.

Following this extension, the expected availability of the rig is February 2026.

The Rig 141 jack-up is of Marathon LeTourneau 82-SD-C design, built in 1982. It can accommodate 100 people, and is capable of operations at water depths of 250 ft.

Founded in 2012, Shelf Drilling has rig operations across Middle East, Southeast Asia, India, West Africa, Mediterranean and North Sea.

As of December 31, 2023, Shelf Drilling's contracted backlog was $2.3 billion with 35 of 36 rigs under contract representing a marketed utilization of 97%.

Shelf Drilling’s Rig Fleet as of March 2024

Shelf Drilling Perseverance secured a 12-well contract with PEVP POC in Vietnam for a firm term of approximately 16 months with a contract value of around $73 million. The rig is mobilizing from the UK and will undergo contract preparation in Singapore. Expected start date is July 2024.

Shelf Drilling Barsk completed its contract with Equinor in Norway under bareboat charter. The rig is currently undergoing contract preparation in Norway ahead of its new contract, expected to commence in May 2024.

The 375-foot jack-up drilling unit Baltic secured a 3-well contract in Nigeria for a firm term of around 70 days at a total value of $10 million. Expected start date is April 2024.

The company’s jack-up drilling unit Trident 16 completed contract with Petrobel in Egypt in February 2024 and is now available and marketed for opportunities.

In addition, the Trident II has completed an OOS project in the United Arab Emirates and is expected to start its new three-year contract with ONGC in India in March 2024.

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