Shelf Drilling Completes Acquisition Of 38 Rigs From Transocean
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
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