Shelf Drilling, Ltd., announces that it has entered into a definitive agreement with subsidiaries of Seadrill Limited to purchase three premium jackup drilling rigs for approximately US$ 225 million.
The rig package includes the West Resolute (Marathon LeTourneau Super 116-C), West Triton (Baker Marine Class 375) and West Mischief (Marathon LeTourneau Super 116-E). The Group’s total shallow water rig count will increase from 37 rigs to 40 rigs.
Shelf Drilling has financed the acquisition through a private placement of new Shelf Drilling common shares, as announced on April 28, 2017. The transaction is subject to customary closing conditions.
David Mullen, Chief Executive Officer, Shelf Drilling said:
“This transaction reflects our ambition to be the leading jackup contractor globally and is fully aligned with our fit-for-purpose strategy. All three acquired rigs are located in the Middle East, one of the key markets for Shelf Drilling. What’s also important is that the deal extends our ability to offer more options to our customers, and I am confident that these rigs will secure employment with a number of near term opportunities that exist.”