Shelf Drilling to raise $250m from Oslo IPO

UAE-based offshore drilling contractor Shelf Drilling expects to raise $200-$250m from its IPO on the Oslo Stock Exchange.

The company announced its intention to list its shares on the exchange last week.

Shelf says it will use approximately $175m of the net proceeds from the offering to redeem all of the preferred shares plus accrued but unpaid dividend. Additionally, it intends to use a portion of the net proceeds to acquire one or two premium jackup rigs and for general corporate purposes.

The bookbuilding period for the offering will commence on June 13 and run through to June 21.

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