PRESS RELEASE
SHELF DRILLING AWARDED A FIVE-YEAR CONTRACT FOR THE RECENTLY ACQUIRED SHELF
DRILLING VICTORY
Dubai, October 11, 2022 - Shelf Drilling, Ltd. ("Shelf Drilling" or the
"Company", OSE: SHLF) announced today that it has secured a five-year contract
for the recently acquired premium jack-up rig Shelf Drilling Victory for
operations in the Arabian Gulf. The contract value for the firm period,
including mobilization revenue, is approximately USD 236 million. The contract
also includes a two-year option, and the planned start-up of operations is
late-March 2023. Prior to commencing 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."
About Shelf Drilling
Shelf Drilling is a leading international shallow water offshore drilling
contractor with rig operations across Middle East, Southeast Asia, India, West
Africa, Mediterranean and North
Sea. Shelf Drilling was founded in 2012 and has established itself as a leader
within its industry through its fit-for-purpose strategy and close working
relationship with industry leading clients. The company is incorporated under
the laws of the Cayman Islands with corporate headquarters in Dubai, United Arab
Emirates. The company is listed on the Oslo Stock Exchange under the ticker
"SHLF".
Additional information about Shelf Drilling can be found at
www.shelfdrilling.com.
Contact details
For questions or comments, please contact communications@shelfdrilling.com.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.