Shelf Drilling closes $47m private placement

Oslo-listed jackup rig pure-play Shelf Drilling has raised NOK467m ($47m) in a private placement of new shares.

“The transaction saw strong demand from a wide variety of quality investors and was significantly oversubscribed,” Fearnley Securities, who acted as joint bookrunner in the transaction with Clarksons Securities, said.

The net proceeds will be used for general corporate purposes, including capex requirements associated with multiple recent long-term contract awards secured by Shelf.

Founded in 2012, the Dubai-headquartered driller sports one of the largest jackup fleets with 36 units operating across the Middle East, Southeast Asia, India, West Africa, the Mediterranean and the North Sea.