Shelf Drilling awarded five-year contract for jackup in Arabian Gulf
Shelf Drilling has secured a five-year contract for the recently acquired Shelf Drilling Victory jackup for operations in the Arabian Gulf. The contract value for the firm period, including mobilization revenue, is approximately $236 million. The contract also includes a two-year option, and the planned startup of operations is late March 2023. Prior to commencing the contract, the rig is scheduled to complete a reactivation and upgrade project which is currently underway in the United Arab Emirates.
“We are very pleased to further expand our operations in the Middle East and strengthen our position in a strategically important market. This long-term contract is an opportunity for us to build and leverage the experience of our highly capable team and unique operating platform, and demonstrates our ability to consistently generate value for the company. The award will contribute significantly to our contract backlog growth and indicates an improving jackup market outlook,” said Shelf Drilling CEO David Mullen.