Shelf Drilling to launch Oslo IPO

UAE-based offshore drilling contractor Shelf Drilling has announced its intension on conduct an initial public offering (IPO) and list its shares on the Oslo Stock Exchange.

The IPO is expected to be launched during this month subject to receiving relevant approvals from the stock exchange.

The net proceeds from the offering will be used to finance the company’s fleet expansion, redemption of all or parts of the company’s preferred shares, and for general corporate purposes.

Shelf Drilling said it is in discussions with multiple parties for the potential purchase of either one or two modern jackup rigs.

Shelf Drilling is the world’s largest contractor of jackup rigs and its fleet consists of 38 rigs.