Shelf Drilling seals two-year jackup extension in Egypt

Oslo-listed jackup rig pure-play Shelf Drilling has secured a two-year contract extension for its Rig 141 unit operating in the Gulf of Suez offshore Egypt.

The extension worth about $51m is in direct continuation of the rig’s current term with Gemsa Petroleum Company (Gempetco) and should keep it busy in the region until February 2026.

As part of the deal, one year of the extension will be farmed out to Petrogulf Misr.

Dubai-headquartered owner and operator of 36 rigs had a backlog standing at $2.3bn at the end of 2023 with 35 units under contract.