Shelf Drilling Wins Long-Term Contracts Offshore Thailand

The Greatdrill Chaaya, a LeTourneau Super 116E Jack Up Rig built by Lamprell in 2013

Shelf Drilling announced today their global fleet of 37 jack-up rigs will grow by two in conjunction with the recent award of a pair of 5-year offshore drilling contracts by Chevron Thailand.

New fit-for-purpose jack-ups will be built at an estimated combined capital cost of USD $370 million by Lamprell’s Hamriyah shipyard in the UAE and be of the Letourneau MLT Super 116 E design. Deliveries are expected in Q3 2016 and Q2 2017 with operations commencing in Q1 and Q3 2017, respectively.

Shelf Drilling notes the estimated revenues which could be generated over the five-year contract term are approximately USD 281 million for each rig, excluding revenues for mobilization, demobilization and miscellaneous adjustments.

The two jackup rigs, designed through collaboration between Chevron Thailand, Lamprell Plc, and Shelf Drilling engineering and operations personnel, will be capable of operating in water depths of up to 350 feet and for use in constructing wells with maximum drilling depth of 30,000 feet.

Shelf Drilling is a private company owned by management and private equity funds managed by Castle Harlan, CHAMP Private Equity and Lime Rock Partners.

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