Shelf Drilling saying goodbye to 1983-built rig, reveals name of new CFO

Dubai-headquartered offshore drilling contractor Shelf Drilling has decided to sell one of its jack-up rigs for $60 million to an undisclosed buyer. The company has appointed a new Executive Vice President and Chief Financial Officer (CFO), who will join the firm in two months.

Since the Baltic jack-up rig has completed its contract in West Africa, it will shortly begin mobilization to Southeast Asia. Shelf Drilling has struck a deal to sell the rig to an unnamed buyer, which intends to deploy the jack-up on a multi-year, plug and abandonment (P&A) program in Southeast Asia.

As a result, the drilling player agreed to provide rig management and operations support to the buyer for the upcoming P&A campaign. While the closing of the sale is subject to customary closing conditions, the completion is anticipated in late August 2024. The 1983-built Baltic Marathon LeTourneau Super 300 jack-up rig had its latest upgrade in 2015. This rig is capable of accommodating 120 people.

In the meantime, Shelf Drilling has picked Douglas Stewart to join its executive team as the company’s new CFO with an expected start date in October 2024, following the decision for Greg O’Brien, current CFO, to transition to the Chief Executive Officer (CEO) role from August 2024.

Stewart, who graduated from Trinity University in San Antonio, Texas with a BA in Economics and International Studies and a Doctor in Jurisprudence degree from the University of Texas School of Law in Austin, has held senior finance and legal roles in oil and gas businesses in the U.S. and Middle East, including Chief Financial Officer at Vantage Drilling.

O’Brien commented:  “We are very excited to have Douglas join Shelf Drilling where his significant experience in our industry managing complex transactions, engaging with the investment community and being a trusted leader and advisor will be a great addition to our team as I step into the CEO role.”

Shelf Drilling has secured several assignments for its rig fleet, including a new long-term deal with TotalEnergies in Denmark, for a jack-up, which has been working for the French oil major since October 2022. Thanks to the contract award, the rig will continue to do so until August 2026.