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Last updated on April 18, 2014 at 8:37 EDT

Shelf Drilling Completes Acquisition Of 38 Rigs From Transocean

November 30, 2012

GEORGE TOWN, Grand Cayman, Nov. 30, 2012 /PRNewswire/ — Shelf Drilling Holdings Ltd (‘Shelf Drilling’), a newly-formed focused provider of shallow water drilling services in Asia, Africa and the Middle East, announces the closing of its $1.05 billion acquisition of 37 jackup drilling rigs, one swamp barge, and associated operations from Transocean Ltd (NYSE: RIG). The transaction was effected pursuant to the terms of the agreements signed on 9 September 2012.

Shelf Drilling was created to become the leading international shallow water drilling contractor to the oil and gas industry. Building on the decades of experience of the approximately 3,500 worldwide employees who will transfer as part of the transaction, Shelf Drilling seeks to provide the safest and most reliable fit-for-purpose jackup drilling services to its customers. 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. “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. We intend to build on our workforce’s industry-leading track record of safety and operational excellence to allow us to build long-term relationships with our customers and suppliers.”

“I have been extremely encouraged by the response from our employees and customers following the initial announcement of the transaction. The entire Shelf Drilling team is excited about the leading role our company will play in the global shallow water drilling industry.”

Shelf Drilling 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. Shelf Drilling and Transocean will work in close collaboration to ensure a seamless transition and outstanding safety and operational performance. A list of Shelf Drilling’s assets is included in Appendix A.

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

Additional information about Shelf Drilling can be found at www.shelfdrilling.com

Appendix A

    Jackups                                                                                     Design              Year Entered Service (1) Water Depth (Feet)    Location
    -------                                                                                     ------               ------------------------ -----------------    --------

    C.E. Thornton                                                                 MLT 53-SC (converted to MLT 116-C)                     1974                300     India
    Compact Driller                                                                           MLT 116-C                                  1992                300   Thailand
    F.G. McClintock                                                                            MLT 53-C                                  1975                300     India
    Galveston Key                                                                    MLT 116-S (converted 116CS)                         1978                300   Malaysia
    GSF Adriatic I (3)                                                                        MLT 116-C                                  1981                300   Malaysia
    GSF Adriatic IX                                                                           MLT 116-C                                  1981                350    Nigeria
    GSF Adriatic V (3)                                                                        MLT 116-C                                  1979                300      UAE
    GSF Adriatic VI (3)                                                                       MLT 116-C                                  1981                328   Malaysia
    GSF Adriatic X                                                                            MLT 116-C                                  1982                350    Nigeria
    GSF Baltic                                                                              MLT Super 300                                1983                375    Nigeria
    GSF High Island II                                                                       MLT 82-SD-C                                 1979                270 Saudi Arabia
    GSF High Island IV                                                                       MLT 82-SD-C                          1980 / 2001                270 Saudi Arabia
    GSF High Island IX                                                                       MLT 82-SD-C                          1983 / 2012                250 Saudi Arabia
    GSF High Island V (3)                                                                    MLT 82-SD-C                                 1981                270      UAE
    GSF High Island VII                                                                      MLT 82-SD-C                                 1982                250    Nigeria
    GSF Key Gibraltar                                                                MLT 84-C (modified to 116-C)                 1976 / 1996                300   Thailand
    GSF Key Hawaii                                                                           Mitsui 300 C                                1983                300    Vietnam
    GSF Key Manhattan                                                                         MLT 116-C                                  1980                350     Italy
    GSF Key Singapore (3)                                                                     MLT 116-C                                  1982                350     Egypt
    GSF Main Pass I                                                                        F&G L-780-Mod II                              1982                300 Saudi Arabia
    GSF Main Pass IV                                                                       F&G L-780-Mod II                              1982                300 Saudi Arabia
    GSF Parameswara                                                                    Baker Marine BMC-300-IC                           1983                300   Indonesia
    GSF Rig 105                                                                                MLT 52-C                                  1975                250     Egypt
    GSF Rig 124                                                                             Modec 200C-45                                1980                250     Egypt
    GSF Rig 141                                                                              MLT 82-SD-C                                 1982                250     Egypt
    Harvey H. Ward                                                                         F&G L-780-Mod II                              1981                300   Indonesia
    J.T. Angel                                                                             F&G L-780-Mod II                              1982                300     India
    Randolph Yost(2)                                                                          MLT 116-C                                  1979                300     India
    Ron Tappmeyer                                                                             MLT 116-C                                  1978                300     India
    Transocean Comet                                                                       Sonat cantilever                              1980                250     Egypt
    Trident 15                                                                              Modec 300 C-38                               1982                300   Thailand
    Trident 16                                                                              Modec 300 C-38                               1982                300   Thailand
    Trident II                                                                                MLT 116-C                           1977 / 1985                300     India
    Trident IX                                                                              Modec 400 C-35                               1982                400   Malaysia
    Trident VIII                                                                            Modec 300 C-35                               1981                300     Gabon
    Trident XII                                                                        Baker Marine BMC-300-IC                    1982 / 1992                300     India
    Trident XIV                                                                        Baker Marine BMC-300-IC                    1982 / 1994                300    Angola

    Swamp Barge
    -----------
    Hibiscus                                                                              Heavy Swamp Barge                       1979 / 1993                 25   Indonesia

    (1)  Dates shown are the original service date and the date of the most recent major upgrade, if any.
    (2)  Rig is currently undergoing reactivation.
    (3)  Rig is currently stacked.

SOURCE Shelf Drilling Holdings Ltd


Source: PR Newswire