News

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    IPO Update

    02 July 2014

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    Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”), a leading international shallow water offshore drilling contractor, has decided not to proceed with its announced Initial Public Offering at this time. This decision has been reached due to challenging public market conditions despite a positive response from prospective investors to the Company, its strategy and operations. …

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    Announcement of Intention to Float on the London Stock Exchange

    12 June 2014

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    Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company” and, together with its subsidiaries, the “Group”), a leading international shallow water offshore drilling contractor, today announces its intention to proceed with an initial public offering to institutional investors (the “IPO” or the “Global Offer”). Shelf Drilling intends to apply for admission of its ordinary shares to …

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    Shelf Drilling, Ltd. Announces Five Year Contracts for Two Newbuild Jackup Rigs

    27 May 2014

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    Dubai, UAE : Shelf Drilling, Ltd. today announces that one of its subsidiaries has been awarded contracts for two newbuild jackup rigs by Chevron Thailand, a subsidiary of Chevron Corporation (NYSE : CVX). The two drilling contracts are for a five-year term each and the newbuild rigs are scheduled to commence operations offshore Thailand during …

  • Dockwise

    Interview with David Mullen at Dockwiser

    28 March 2014

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    Shelf Drilling is working closely with Transocean under a transition services agreement. Is the transition coming along as planned? Achieving independence from Transocean was a challenging and complex undertaking. Although the transition of the 38 rigs in 12 different countries has thrown many obstacles in our way, today we are substantially independent and managed to …

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    Shelf Drilling Update

    29 January 2014

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    Shelf Drilling Holdings, Ltd.’s ultimate parent company, Shelf Drilling, Ltd. (“Shelf Drilling”) and its shareholders are considering an initial public offering and listing of Shelf Drilling’s shares (“IPO”), and have appointed banks to advise them on this process. No decision has been made by Shelf Drilling whether or not to proceed with the IPO. Disclaimer: …

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    Mullen: Amid people shortage, industry must diversify to attract right talent

    21 January 2014

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    Paced growth allows development of competent crews, safety culture to maintain uptime performance. Shelf Drilling is a jackup drilling contractor with 38 rigs and operations in 12 countries. Since Shelf Drilling was established in 2012, the company reactivated three stacked rigs. Another rig is being reactivated and is expected to commence operations in April. What …

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    Hoffman: Industry should view people shortage as opportunity, not challenge

    27 November 2013

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    The people shortage is looming large in the drilling industry, and it’s an issue that can’t wait any longer, Kurt Hoffman, executive VP and COO for Shelf Drilling, said in a presentation titled “Managing the Future Today.” “We’ve got to deal with this today to be able to get a handle on what the future …

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    Moody’s rates Shelf Drilling Midco’s term loan B2, changes outlook to positive

    23 September 2013

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    New York, September 23, 2013 — Moody’s Investors Service (Moody’s) assigned a B2 rating to Shelf Drilling Midco, Ltd.’s (Midco) proposed offering of $450 million secured term loan. Simultaneously, Moody’s assigned a B1 Corporate Family Rating (CFR), a B1-PD Probability of Default Rating (PDR) and an SGL-2 Speculative Grade Liquidity Rating to Midco, and withdrew …

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    Research Update: Shelf Drilling Holdings Upgraded To ‘B+’ On Strong Operating Performance; Proposed Notes Rated ‘B-‘; Outlook Stable

    23 September 2013

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    We believe that Dubai-headquartered oilfield services company Shelf Drilling’s operational performance will remain strong in 2013 and 2014, further strengthening its business risk profile. We are therefore raising our long-term corporate credit rating on Shelf Drilling to ‘B+’ from ‘B’. At the same time, we are raising our issue ratings on the $75 million term …

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    Shelf Drilling Completes Acquisition of 38 Rigs from Transocean

    30 November 2012

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    Shelf Drilling Holdings Ltd (‘Shelf Drilling’), a newly-formed focused provider of shallow water drilling services in Asia, Africa and the Middle East, announces the closing of its $1.05 billion acquisition of 37 jackup drilling rigs, one swamp barge, and associated operations from Transocean Ltd (NYSE:RIG). The transaction was effected pursuant to the terms of the …