Offshore drilling contractor Shelf Drilling has secured a five-year contract for the recently acquired premium jack-up rig Shelf Drilling Victory for operations in the Arabian Gulf.
Shelf announced the contract on Tuesday, adding that the value for the firm period, including mobilization revenue, is approximately $236 million. The contract also includes a two-year option, and the planned start-up of operations is in late March 2023.
Prior to starting the contract, the jack-up rig is scheduled to complete a reactivation and upgrade project, which is currently underway in the United Arab Emirates.
David Mullen , Chief Executive Officer said: “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 jack-up market outlook.”
Shelf Drilling bought this jack-up rig from India’s Aban Offshore earlier this year under the name Deep Driller 7 and changed its name to Shelf Drilling Victory upon delivery.
Built in 2008, the rig is of a Baker Marine Pacific Class 375 design. It is capable of operating in water depths of up to 375 ft and it can accommodate 120 people.
The company has also recently bought five jack-up rigs from Noble and has already secured an extension for one of these rigs. The rigs included in the agreement were Noble Hans Deul, Noble Sam Hartley, Noble Sam Turner, Noble Houston Colbert, and Noble Lloyd Noble.