Shelf Drilling announced on Monday that it has received a three-year contract for the Parameswara jack-up oil rig with the oil and gas company (ONGC) to operate at Mumbai High off the coast of India. Acquisition of Shelf Drilling Enterprise and contract with Chevron Thailand Shelf Drilling Holdings Limited is a privately held company that aims to become the best international jackup drilling contractor in its class. Shelf Drilling`s main investors are Castle Harlan, CHAMP Private Equity and Lime Rock Partners. Signing 5-year contracts with Chevron Thailand for two newly built Jackup platforms As for the state of its drilling fleet, the Parameswara drill rig signed a contract with Adani in September 2021 and then signed a three-year contract with ONGC in India. The new contract is expected to start in January 2022 and end in January 2025. The Main Pass I drill rig was returned to service with Saudi Aramco in October 2021 after suspension and planned maintenance. The oil platform is under contract with the Saudi company until September 2030. As for the drill rig, the Parameswara is a 300-foot jack drill rig of Baker Marine BMC 300 IC design. It was built in 1983 and modernized in 2001. Shelf Drilling is headquartered in Dubai and has offices in Southeast Asia, India, West Africa, Egypt, Saudi Arabia and Italy. Focusing solely on shallow water drilling and as customers of many of the world`s leading oil companies, Shelf Drilling is positioned to become a major player in the market from day one. Clients include Chevron, ExxonMobil, ONGC, Perenco, Petrofac, Saudi Aramco and Total. In addition, the Compact Driller was awarded a four-well contract with Cairn for operation in India.
The contract is expected to start in November 2021 and end in April 2022. Shelf Drilling said the global number of contract drill rigs with 383 drill rigs in January 2020 and 346 drill rigs in October 2021 remains below pre-pandemic levels. 35 years of drilling for four oil rigs under contract with Saudi Aramco Shallow water drilling is Shelf Drilling`s only goal with a shallow, operations-driven organization dedicated to providing exceptional customer service. Start of a 380-day contract with Shell in India Finally, off-the-shelf drilling concluded the sale of two drill rigs, High Island VII and Randolph Yost, in August 2021 and October 2021, respectively. The Company`s cash balance at the end of September 2021 was $251.3 million and total debt was $1.2 billion. At the end of September, the order backlog for 26 contracted oil platforms stood at $1.5 billion. In its first quarter results in May 2011, the offshore drilling contractor claimed that signs of an improvement in the jack-up market were encouraging as it noted an increase in the global number of jack-up platforms under contract. First drill rig CJ-46 – “Shelf Drilling Achiever” receives contract with Saudi Aramco Establishment of Shelf Drilling Following the acquisition of 37 Jackup drill rigs and a swampy barge from Transocean Second new construction platform “Shelf Drilling Krathong” begins a contract with Chevron Thailand Signing of 5-year contracts for several drill rigs in the Persian Gulf with Saudi Aramco This view is consistent with the fact that the Shelf Drilling`s offshore drilling partners said with Borr Drilling earlier this month due to stronger customer demand and tendering in recent months, and Vantage has seen an increase in contract activity and industry-wide usage. In addition, Danish Maersk Drilling last week recorded its second highest quarterly revenue since its IPO in April 2019.
To consolidate the offshore drilling market, Maersk on Wednesday announced a merger agreement with U.S. rival Noble Corporation. Shelf Drilling is working closely with Transocean under a transition services agreement to ensure a safe and seamless transition. Our management team consists largely of Transocean`s senior management team and is led by David Mullen, who has extensive experience in our industry. In addition to our proven asset base, which currently drills in 11 countries, Shelf Drilling will employ approximately 3,500 people. The company added that the planned commissioning will take place in the first quarter of 2022, but did not provide further details on the contract. The company`s actual capacity utilization increased from 71% in Q2 2021 to 68% in Q3 2021. Quarter 2021, mainly due to the closing of two contracts in the United Arab Emirates and one contract in India combined with an expected downtime for a drill rig in Saudi Arabia, partially offset by the completion of a decommissioned project for a drill rig in Saudi Arabia and the start of a new contract for a drill rig in India. Two of Shelf Drilling`s jack-up platforms have started their previously announced contracts with ONGC. The J.T. Angel drill rig signed its three-year contract with ONGC India in August 2021, which is expected to last until August 2024. In addition, the Trident XII drill rig began its three-year contract with ONGC India in October 2021 and will operate for the Indian company until October 2024.
It should be noted that the CGSB has already booked a Shelf Drilling drill rig this year. The drill rig in question was the J.T. Angel Jack-up, which received a three-year contract in April 2021. Shelf Drilling`s goal is to build long-term, mutually beneficial relationships with customers and suppliers and to be the shallow water drilling contractor of choice. Offshore drilling company Shelf Drilling has been awarded a three-year contract for one of its jack-up drill rigs for work off the coast of India. David Mullen, Chief Executive Officer, commented: “Five of our drill rigs have resumed operations in recent months following the completion of suspension periods or decommissioned projects, and three more contracts are expected to commence in the first quarter of 2022, which is expected to result in sequential revenue improvement over the next two quarters. As of November 2021, 27 of our 30 marketable drill rigs were under contract. Shelf Drilling reported on its quarterly financial performance on Wednesday and shared the latest updates on its fleet of jack-up drill rigs. In the short term, the company`s CEO expects an improvement in demand for jack-up platforms.
Completion of the refinancing operation to create significant value. Capital increase on the Norwegian otc list to acquire 3 Jack-ups Premium Signing of a purchase agreement for Shelf Drilling Journey Signing of a transaction with China Merchants to acquire two newly built CJ-46 Jack-ups Lime Rock was established in 1998 and manages nearly $5 billion of private capital for investments in the energy sector. With five offices on three continents, Lime Rock aims to be a creative investment partner to help build differentiated and high-growth E&P, service, manufacturing and oilfield technology companies. For more information, see www.lrpartners.com Steel Cutting Ceremony in the UAE for Chevron Thailand`s two new builds – Shelf Drilling Chaophraya and Shelf Drilling Krathong Listing on Oslo Børs and preferred share buyout Shelf Drilling`s top three private equity investors combine global reach, deep experience in the oil and gas industry and expertise in building new companies large organizations. Fleet achieves great independence, the majority of rigs transferred to operational control of Shelf Drilling Castle Harlan was founded in 1987, with its origins in institutionalized private equity from the 1960s onwards. The company has invested in eight private equity funds with a total value of approximately $6 billion in capital commitments. Castle Harlan`s five North American-focused funds have invested in more than 50 companies with a total value of more than $10 billion, primarily in North America and Europe. For more information, see www.castleharlan.com According to its quarterly report, Shelf Drilling posted a net loss of $22.4 million in Q3 2021 compared to a loss of $7.7 million in Q3 2020. Because safety is paramount in everything we do, Shelf Drilling creates an accident-free environment where no one is injured. We deliver exceptional performance through continuous investment in our people and keeping our drill rigs at the highest level of reliability and quality. Mullen added, “Given the current strength in oil and gas prices and the recent increase in bidding activity in our business, we expect global demand and prices to improve in the near term.” Shelf Drilling takes over the second new construction device “Shelf Drilling Krathong” from Lamprell Shipyard However, it is known that the Parameswara Jack-up is currently working for Adani.
It won`t travel far as it operates in India, and according to the latest Shelf Drilling Fleet State Report, the deal with Adani will expire this month. Initially, the drill rig began working with the company in December 2020 and the agreement was extended once using options. .