Shelf Drilling announces Baltic rig update

Shelf Drilling has entered into an agreement to sell the Baltic jack-up rig for total consideration of $60 million. The sale transaction is subject to customary closing conditions, with completion anticipated in late August 2024.

The Baltic has completed its contract in West Africa, and the rig will shortly start mobilization to Southeast Asia. The buyer intends to utilize the rig on a multi-year plug and abandonment (P&A) program in Southeast Asia, and Shelf Drilling has agreed to provide rig management and operations support to the buyer.