Shelf Drilling seals new deals in India, Italy and Thailand

Shelf Drilling has reported two new contracts and one long-term extension for its jackup fleet.

The Dubai-based offshore driller has landed a new three-year deal with PTTEP in Thailand for the 2007-built Shelf Drilling Enterprise with an additional one-year option attached to the contract. The contract will commence in July 2022, following the conclusion of its current deal in April 2022 and a subsequent contract preparation project.

Meanwhile, a two-well contract has been secured with Cairn India for the 1982-built Key Singapore, beginning in May 2022 and lasting for around six months. 

In addition to contract awards, Eni declared 18-months of options on its contract for the 1980-built Key Manhattan, which should keep the rig in use until August 2023. 

“Our marketing momentum continued in the fourth quarter with long-term contract extensions in India, Italy and Thailand. As of December 31, 2021, our contract backlog was $1.7bn with 28 of our 30 rigs under contract, representing a marketed utilisation of 93%. We firmly believe that the worst of the pandemic’s impacts are now behind us and anticipate that the current oil and gas price environment and improving rig supply and demand balance will lead dayrates higher in the months ahead,” said David Mullen, CEO of Shelf Drilling.