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Saturday, September 22, 2018

Shelf Drilling: Higher Rig Rates, More Consolidation Coming in 2019

Maritime Activity Reports, Inc.

June 25, 2018

File Image: A typical shallow water jackup rig (CREDIT: Cathelco)

File Image: A typical shallow water jackup rig (CREDIT: Cathelco)

Shelf Drilling, the world's largest owner of shallow water rigs, expects to see higher rig rates in 2019 and more consolidation of the fragmented market, Chief Executive David Mullen told Reuters.
 
Following an initial public offering, the Dubai-based company's shares began trading in Oslo on Monday, four years after abandoning plans to list in London in the wake of an oil price downturn.
 
Its shares traded at 64.80 Norwegian crowns ($7.98) per share by 1023 GMT, below its initial offer of 65.35 crowns.

Reporting by Nerijus Adomaitis 

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