Shelf Drilling reveals names of China newbuilds

Jack-up rig company Shelf Drilling has revealed new names of the two newbuild jack-ups it has recently agreed to buy in China.

As we reported last month, Shelf Drilling announced agreements with China Merchants to acquire two premium newbuild CJ46 jack-up rigs for a purchase price of USD 87 million per rig, and bareboat charter, with an option to purchase, of two additional premium newbuild CJ46 jack-ups.

Shelf Drilling has this week, in its fleet status report, revealed that the first two rigs, of Gusto MSC CJ46 design, would be named the Shelf Drilling Achiever and the Shelf Drilling Journey.

The company expects to complete the two-rig purchase in the second quarter of 2019. The other two rigs with bareboat charters are scheduled to start in August 2019.

The initial term of each bareboat charter is three years, which can be extended for three additional years upon mutual agreement between the parties.

Upon completion of the transaction, Shelf Drilling’s premium jack-up rig count will increase from 9 units to 13 units.

Offshore Energy Today Staff