Offshore drilling contractor Shelf Drilling has successfully secured a contract extension for its Rig 141 jack-up, currently deployed in the Gulf of Suez off the coast of Egypt in collaboration with Gemsa Petroleum Company (Gempetco).
The two-year contract extension, valued at approximately $51 million, seamlessly continues the rig’s ongoing term with Gempetco for operations in the Gulf of Suez offshore Egypt. Notably, a year of this extension will be subcontracted to Petrogulf Misr. The extension ensures the availability of the Rig 141 until February 2026. This Marathon LeTourneau 82-SD-C 250-foot jack-up rig, built in 1982, offers accommodation for up to 100 personnel.
As of December 31, 2023, Shelf Drilling’s contracted backlog amounted to $2.3 billion, with 35 out of 36 rigs under contract, reflecting a remarkable marketed utilization rate of 97%.
Additionally, Shelf Drilling’s other rigs are also making significant strides. The Shelf Drilling Perseverance jack-up rig has secured a 16-month contract with PetroVietnam Domestic Exploration Production Operating Company Limited (PVEP POC) in Vietnam, valued at approximately $73 million. The rig is anticipated to commence operations in July 2024 after mobilizing from the UK and undergoing contract preparation in Singapore.
The Shelf Drilling Barsk jack-up rig, having concluded its contract with Equinor under a bareboat charter, is presently undergoing contract preparations in Norway. Its new contract is set to commence in May 2024. Meanwhile, the Baltic jack-up rig has secured a three-well contract in Nigeria for an estimated 70-day firm term, valued at $10 million, and is expected to begin operations in April 2024.
On the availability front, the Trident 16 jack-up rig, having completed its contract with Petrobel in Egypt in February 2024, is now available and actively marketed for new opportunities. The Trident II jack-up rig, having concluded an OOS project in the UAE, is gearing up to commence its new three-year contract with ONGC in India this month.