Shelf Drilling acquires rigs, barge from Transocean
Monday, December 3 2012 - 04:19 AM WIB
Shelf Drilling Holdings Ltd , announced the closing of its $1.05 billion acquisition of 37 jackup drilling rigs, one swamp barge, and associated operations from Transocean Ltd
The transaction was effected pursuant to the terms of the agreements signed on 9 September 2012, the company said in a press statement over the weekend.
Shelf Drilling is a newly-formed provider of shallow water drilling services for the oil and gas industry in Asia, Africa and the Middle East.
The company has established its headquarters in Dubai for optimal access to operating bases in Thailand, Malaysia, Indonesia, Vietnam, India,Nigeria,Gabon, Angola, Egypt, Saudi Arabia and Italy.
?Our strategy is based on focus, reliability and relationships,? commented David Mullen, the Chief Executive Officer of Shelf Drilling.
?I have been extremely encouraged by the response from our employees and customers following the initial announcement of the transaction,? he added.
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.
Shelf Drilling and Transocean will work in close collaboration to ensure a seamless transition and outstanding safety and operational performance.
Editing by Benget Besalicto Tnb.