In a fresh bid to ramp up crude production in Nigeria, Shelf Drilling has been awarded 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.