Shelf Drilling Sings 5-Yr Contract For 2 Newbuild Jackups

By Joseph R. Fonseca
Tuesday, May 27, 2014
Shelf Drilling's contracted Rig

Shelf Drilling, Ltd. today announces that one of its subsidiaries has been awarded contracts for two newbuild jackup rigs by Chevron Thailand, a subsidiary of Chevron Corporation (NYSE : CVX).

The two drilling contracts are for a five-year term each and the newbuild rigs are scheduled to commence operations offshore Thailand during the first and third quarter of 2017 respectively. The estimated revenues which could be generated over the five-year contract term are approximately USD 281 million for each rig, excluding revenues for mobilization, demobilization and miscellaneous adjustments.
 
In connection with the contracts, Shelf Drilling will commission two fit-for-purpose newbuild jackup rigs based on the MLT Super 116 E design. A subsidiary of Shelf Drilling, Ltd. has entered into a shipyard contract with Lamprell Plc (LSE: LAM) to construct both rigs at the Lamprell Hamriyah shipyard in Sharjah, United Arab Emirates. This contract will be executed for an estimated combined capital cost of USD 370 million, excluding capitalized interest.
 
The two jackup rigs, designed through collaboration between Chevron Thailand, Lamprell Plc, and Shelf Drilling engineering and operations personnel, will be 
capable of operating in water depths of up to 350 feet and for use in constructing wells with maximum drilling depth of 30,000 feet. The rigs will feature specifically fit-for-purpose offshore drilling technology, and accommodation for 160 persons.
 
Shelf Drilling is a private company owned by management and private equity funds managed by Castle Harlan, CHAMP Private Equity and Lime Rock Partners.
 
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