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Shelf Drilling acquires 38 rigs from Transocean for US$1.05 billion

Industry

Shelf Drilling has announced the closing of its US$1.05bn acquisition of 38 shallow-water rigs from Transocean Ltd

The purchase includes 37 jackup rigs, a swamp barge and the associated services, of which two are based in the UAE another five in Saudi Arabia and five in Egypt. The Dubai-based shallow-water drilling services provider will immediately assume operations of seven rigs.

The remaining currently-contracted rigs will operate under transitional operating and services agreements with Transocean, with the goal of assuming full operations of the entire fleet in 2013.

Both companies will work in close collaboration to ensure transition and outstanding safety and operational performance, Shelf Drilling said in a statement.

"We are exclusively focused on shallow water drilling, and we will seek to build a sustainable business that continues to grow to become the jackup drilling contractor of choice for our customers, employees and investors," said Shelf Drilling chief executive officer David Mullen.

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