Shelf Drilling has secured a one-year contract extension for the Shelf Drilling Tenacious jack-up rig for drilling operations offshore West Africa. The extension will begin in direct continuation of the rig’s current contract, extending the commitment until February 2027.
The customer has an option for an additional year thereafter. The total added contract value for the firm term is approximately USD 50 million.
In January 04, 2023, Shelf Drilling announced that it has secured a further 12-month extension which committed the rig operations offshore Angola until November 2024. Shelf Drilling Tenacious jack-up rig has being in direct continuation of its contract for drilling operations offshore Angola.
Shelf Drilling has in October 2024 announced the award of two new drilling contracts to provide two jack-up rigs in Nigeria. With reference to the press release dated September 6, 2024, regarding the award in West Africa, the Company has now fully executed a three-year contract for the Shelf Drilling Achiever jack-up rig for operations offshore Nigeria.
The planned start-up of operations is October 2024, and the contract also includes an option for up to two years at rates to be mutually agreed. In addition, Shelf Drilling has secured a two-year extension for the Adriatic I jack-up rig commencing February 2025 in direct continuation of the rig’s current contract in Nigeria, plus an additional one-year option.
The combined contract value for the five-year total firm period added for the two rigs, excluding mobilization and demobilization revenue, is USD 234 million.
“These contracts in Nigeria contribute significant backlog and revenue visibility for Shelf Drilling in 2025 and beyond. We look forward to delivering continued strong safety and operating performance with the Adriatic I following many years of continuous activity in Nigeria and successfully bringing the Shelf Drilling Achiever into operations later this month,” Greg O’Brien, Chief Executive Officer, said.
In addition Shelf Drilling has secured a new drilling award for the Main Pass IV jack-up rig for operations offshore Nigeria. According to the firm, the contract is approximately two years and is scheduled to begin in December 2024.
“These contracts in Nigeria contribute significant backlog and revenue visibility for Shelf Drilling in 2025 and beyond. We look forward to delivering continued strong safety and operating performance with the Adriatic I following many years of continuous activity in Nigeria and successfully bringing the Shelf Drilling Achiever into operations later this month,” Greg O’Brien, Chief Executive Officer, has said.
