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Next Financial Calendar Events

ANNOUNCEMENT OF Q3 2018 RESULTS

14 Nov 18

IR CONTACT

If you have any questions or require any further information:

Share Price Information

Shelf Drilling was listed on the Oslo Stock Exchange on 25 June 2018.

Analyst Coverage

The following securities brokers provide analytic coverage for Shelf Drilling.

DNB Markets

Martin Huseby Karlsen
martin.huseby.karlsen@dnb.no +47 24 16 91 93

Clarksons Platou Securities

Eirik Røhmesmo
er@clarksons.com +47 22 01 63 57

Arctic Securities

Stian Malterudbakken
stma@arctic.com +47 21 01 32 30

SpareBank1 Markets

Vidar Lyngvær
vidar.lyngvaer@sb1markets.no +47 24 13 37 42
Disclaimer: Please note that the analysts’ views, estimates, forecasts and recommendations are their own and do not necessarily reflect the views of Shelf Drilling.

Primary Insiders

Please click here for a list of primary insiders in Shelf Drilling.

Dividend Policy

The Company does not intend to declare or pay any dividends to holders of Common Shares, including Securities, in the near future.

The Company currently intends to retain future earnings, if any, to fund its operations and to develop and grow its business. The Company’s future dividend policy is within the discretion of the Board of Directors, but should the market recover as expected, the Company will balance dividends to holders of Common Shares, including Securities, with other various factors that the Board of Directors deems relevant, including the Company’s results of operations, financial condition, capital requirements and investment opportunities.

Latest News

Please click here for stock exchange announcements.

October 2018

  • 08 Oct 18
    Shelf Drilling Announces New Contract in Nigeria with Sirius Petroleum
  • 05 Oct 18
    Shelf Drilling Secures a New Contract and a Contract Extension in the Adriatic Sea

August 2018

  • 16 Aug 18
    Shelf Drilling Announces Contract Extension on the Shelf Drilling Resourceful
  • 14 Aug 18
    Shelf Drilling Reports Second Quarter 2018 Results

July 2018

  • 27 Jul 18
    Shelf Drilling Announces Closing of Transaction on Ocean Scepter Jack-up Rig
  • 26 Jul 18
    Shelf Drilling Q2 2018 Earnings Release Information
  • 25 Jul 18
    Shelf Drilling, Ltd. – End of Stabilization
  • 02 Jul 18
    Shelf Drilling Announces Acquisition of Ocean Scepter Jack-Up Rig from Diamond Offshore

June 2018

  • 25 Jun 18
    Shelf Drilling, Ltd. – Redemption of Preferred Shares
  • 25 Jun 18
    Shelf Drilling, Ltd. – Stabilization and Over-Allotment Option Notice
  • 19 Jun 18
    Shelf Drilling, Ltd. Minutes of Extraordinary General Meeting
  • 08 Jun 18
    Notice to Holders of Shelf Drilling Holdings, Ltd. 8.250% Senior Notes Due 2025
  • 05 Jun 18
    Shelf Drilling Holdings, Ltd. Announces Pricing of Offering of Additional Senior Notes
  • 04 Jun 18
    Shelf Drilling Holdings, Ltd. Announces Proposed Offering of Additional Senior Notes
  • 04 Jun 18
    Shelf Drilling, Ltd. Notice of Extraordinary General Meeting

May 2018

  • 28 May 18
    Shelf Drilling Q1 2018 Earnings Call Rescheduling Information
  • 15 May 18
    Shelf Drilling Q1 2018 Earnings Call Information

March 2018

February 2018

  • 05 Feb 18
    Shelf Drilling Holdings, Ltd. Announces Expiration and Results of its Tender Offers

January 2018

  • 31 Jan 18
    Shelf Drilling Holdings, Ltd. Announces Pricing of Notes Offering
  • 29 Jan 18
    Shelf Drilling Holdings, Ltd. Announces Commencement of Offers
  • 29 Jan 18
    Shelf Drilling Holdings, Ltd. Announces Proposed Notes Offering

November 2017

September 2017

  • 11 Sep 17
    Shelf Drilling Awarded Two-Rig Contract in Dubai
  • 08 Sep 17
    Shelf Drilling Announces Closing of Transaction on Third Seadrill Jackup Rig
  • 07 Sep 17
    Shelf Drilling Announces Changes to Board of Directors

August 2017

May 2017

  • 24 May 17
    Shelf Drilling Q1 2017 Earnings Call Rescheduling Information
  • 22 May 17
    Shelf Drilling Q1 2017 Earnings Call Information
  • 18 May 17
    Shelf Drilling Announces Closing of Transaction on Two Seadrill Jackup Rigs
  • 05 May 17
    Shelf Drilling Announces Registration on the Norwegian OTC List
  • 01 May 17
    Shelf Drilling Announces Acquisition of Three Seadrill Jackup Rigs

April 2017

  • 28 Apr 17
    Shelf Drilling Announces Private Placement of US$ 225 Million Successfully Placed
  • 24 Apr 17
    Shelf Drilling Announces an Offering of New Shares and Growth Oriented Acquisition of Premium Jackup Rigs
  • 06 Apr 17
    "Shelf Drilling Krathong" Newbuild Jackup Rig Delivered to Shelf Drilling

January 2017

  • 13 Jan 17
    Shelf Drilling Announces Successful Consummation of Several Finance Transactions

Financial Reports

August 2018

  • 14 Aug 18
    Shelf Drilling, Ltd. June 30, 2018 Quarterly Report

May 2018

  • 15 May 18
    Shelf Drilling, Ltd. March 31, 2018 Quarterly Report
  • 15 May 18
    Shelf Drilling, Ltd. Financial Report Period Ended March 31, 2018

March 2018

  • 13 Mar 18
    Shelf Drilling, Ltd. Financial Report Period Ended December 31 2017
  • 13 Mar 18
    Shelf Drilling, Ltd. 2017 Annual Report

November 2017

  • 14 Nov 17
    Shelf Drilling, Ltd. Financial Statements Quarter Ended September 30 2017
  • 14 Nov 17
    Shelf Drilling, Ltd. Financial Report Period Ended September 30 2017

August 2017

  • 22 Aug 17
    Shelf Drilling, Ltd. Financial Report Period Ended June 30 2017
  • 22 Aug 17
    Shelf Drilling, Ltd. Financial Statements Quarter Ended June 30 2017

May 2017

  • 14 May 17
    Shelf Drilling, Ltd. Financial Statements Quarter Ended March 31 2017

April 2017

  • 23 Apr 17
    Shelf Drilling, Ltd. Financial Statements Year Ended December 31 2016

March 2016

  • 31 Mar 16
    Shelf Drilling, Ltd. Financial Statements Period Ended December 31 2015

Presentations

September 2018

  • 12 Sep 18
    Shelf Drilling Presentation at Pareto Conference (12 Sep 2018)

August 2018

  • 14 Aug 18
    Shelf Drilling Q2 2018 Results Highlights Presentation

June 2018

March 2018

  • 06 Mar 18
    Shelf Drilling Presentation at DnB Conference (March 2018)

December 2017

  • 22 Dec 17
    Shelf Drilling Presentation (December 2017)

September 2017

  • 13 Sep 17
    Shelf Drilling Presentation at Pareto Conference (Sep 2017)

May 2017

Corporate Governance

Shelf Drilling, Ltd. has adopted a corporate governance regime with reference to the Norwegian Code of Practice for Corporate Governance dated 30 October 2014 (the “Corporate Governance Code”). The purpose of the Corporate Governance Code is for companies listed on regulated markets in Norway to practice corporate governance that regulates the division of roles between shareholders, the board of directors and executive management more comprehensively than is required by legislation. Good corporate governance will strengthen confidence in companies and help to ensure the greatest possible value creation over time in the best interests of shareholders, employees and other stakeholders.

Shelf Drilling, Ltd. will from and including the financial year 2018 publish an annual corporate governance report describing the company’s compliance with the Corporate Governance Code.

Corporate Social Responsibility

Shelf Drilling, Ltd. defines corporate responsibility as achieving commercial profitability in a way that is consistent with fundamental ethical values and with respect for individuals, the environment and society. The group shall respect human and labour rights, establish good health, safety and environmental (HSE) standards, facilitate a good dialogue with stakeholders and generally operate in accordance with applicable regulatory frameworks and good business practice.

The group’s business depends on the trust of contractual parties, the authorities, shareholders, employees and society in general. In order to gain and maintain trust, the group is dependent upon professionalism, expertise and high ethical standards in all aspects of its work.

Shelf Drilling, Ltd. has adopted a corporate social responsibility regime. The company will provide an annual report on corporate social responsibility from and including the financial year 2018.

Corporate Governance Documents

Fleet Status Reports

August 2018

  • 14 Aug 18
    Shelf Drilling Fleet Status Report Updated August 2018

May 2018

  • 28 May 18
    Shelf Drilling Fleet Status Report Updated 30 April 2018

March 2018

  • 06 Mar 18
    Shelf Drilling Fleet Status Report Updated 28 February 2018

November 2017

  • 20 Nov 17
    Shelf Drilling Fleet Status Report Updated 19 November 2017

August 2017

  • 22 Aug 17
    Shelf Drilling Fleet Status Report Updated 31 July 2017

May 2017

  • 28 May 17
    Shelf Drilling Fleet Status Report Updated 30 April 2017

Investor Relations Policy

Shelf Drilling, Ltd. has adopted an investor relations policy based on the Oslo Stock Exchange’s rules, regulations and recommendations for listed companies, in particular the Oslo Stock Exchange Code of Practice for IR (the “IR Code”), last amended on 1 March 2017. Shelf Drilling, Ltd. complies with the IR Code, except that it is unable to publish information about its top 20 shareholders because of restrictions under the laws of the Cayman Islands. Any future deviations will be explained, as required by the IR Code.

The overall objective of Shelf Drilling, Ltd.’s investor relations activities is to keep the capital markets informed about factors relevant for a fair valuation of the company’s traded securities. The investor relations policy is established to help the company build trust and awareness in its investor community by ensuring that investor relation activities are conducted in compliance with relevant rules, regulations and recommended practices. The investor relations policy helps the Company ensure that shareholders, potential investors, the market in general and other stakeholders gain simultaneous access to accurate, clear, relevant, comprehensive and up-to-date information about Shelf Drilling, Ltd.


Shelf Drilling Investor Relations Contact

If you have any questions or require any further information, Please contact:

Greg O’Brien, Executive Vice President and Chief Financial Officer
Shelf Drilling, Ltd.
Tel.: +971 4567 3616
Email: greg.obrien@shelfdrilling.com

Financial Calendar 2018

 

ANNOUNCEMENT OF Q1 2018 RESULTS: 14 May 2018 

ANNOUNCEMENT OF Q2 2018 RESULTS: 14 August 2018

ANNOUNCEMENT OF Q3 2018 RESULTS: 14 November 2018

 

Please note, the dates are subject to change. Changes will be communicated through stock exchange notifications.

Key Documents

June 2018

  • 19 Jun 18
    Shelf Drilling Holdings, Ltd. 2025 Unsecured Notes Indenture - First Supplemental Indenture
  • 08 Jun 18
    Shelf Drilling Holdings, Ltd. Revolving Credit Facility

February 2018

  • 07 Feb 18
    Shelf Drilling Holdings, Ltd. 2025 Unsecured Notes Indenture

Board of Directors

David Mullen, Director

Mr. Mullen has over 30 years’ experience in the oil services business and has been the Company’s Chief Executive Officer since October 2012. Since April 2018, Mr. Mullen has served as an Independent Director of Subsea 7 S.A. From September 2010 to April 2011, Mr. Mullen was CEO of Wellstream Holdings PLC, a U.K. listed company that designed and manufactured subsea pipeline products and included as part of the product offering, subsea services and installation. From April 2008 to August 2010, Mr. Mullen served as Chief Executive Officer of Ocean Rig ASA, a Norwegian listed ultra-deep water drilling contractor. Prior to Ocean Rig ASA, Mr. Mullen also spent four years as a senior leader of Transocean Ltd. As Senior Vice President of Global Marketing, Business Development and M&A at Transocean Ltd., Mr. Mullen spearheaded marketing and strategic planning. Mr. Mullen had a 23-year career at Schlumberger, including as President of Oilfield Services for North and South America. Mr. Mullen received a B.A. in Geology & Physics from Trinity College Dublin and an M.Sc. degree in Geophysics from University College Galway. Mr. Mullen holds 748,003 common shares in the Company.

Graham Brooke, Director

Mr. Brooke joined the Company’s Board of Directors in April 2017 and is a Managing Director of CHAMP Private Equity, which he joined in 2015. He is responsible for all aspects of the investment process from deal origination and the assessment of potential investee companies, to deal execution, monitoring and exit management at CHAMP Private Equity. Mr. Brooke has 17 years of experience in private equity, previously working in the London and Sydney offices of CVC Capital Partners. Prior to joining CVC in 1999, he qualified as a Chartered Accountant in the corporate finance and advisory practice of Arthur Andersen in the U.K. He graduated in 1993 with a degree in Classics from Oxford University (MA Hons Oxon).

John K. Castle, Director

Mr. Castle joined the Company’s Board of Directors in November 2012. Since 1987, Mr. Castle has served as Chairman and Chief Executive Officer of Castle Harlan, Inc. Currently, he is a member of the CHAMP III Investment Committee. Mr. Castle has served as chairman of Castle Connolly Medical Ltd. since 1991, and has served as Chairman and Chief Executive Officer of Branford Castle, Inc., a holding company, since 1986. Prior to forming Castle Harlan, Inc., Mr. Castle was President and Chief Executive of investment banking firm Donaldson, Lufkin & Jenrette, Inc. Mr. Castle is a board member of various private equity companies, and he has previously been a director of numerous private and public companies. He also served as a Director of the Equitable Life Assurance Society of the U.S. Mr. Castle is a Life Member Emeritus of the Corporation of the Massachusetts Institute of Technology. Previously, he had served for 22 years as a Trustee of New York Medical College, including 11 of those years as Chairman of the board. Mr. Castle is a Trustee and Chairman of the Executive Committee of the St. Patrick’s Cathedral in New York City and is a member of the Finance Council and various other entities associated with the Archdiocese of New York. From 2000 until March 2018, Mr. Castle was a Director of Castle Harlan Australian Mezzanine Partners Pty Ltd and a Director of CHAMP Group Holdings Pty Ltd, both part of the CHAMP Private Equity Group. He has served on various visiting committees at Harvard University, including the Harvard Business School. Mr. Castle received his Bachelor’s degree from the Massachusetts Institute of Technology, his M.B.A. as a Baker Scholar with High Distinction from Harvard University, and has four Honorary Doctorate Degrees of Humane Letters.

Ernie Danner, Director

Mr. Danner joined the Company’s Board of Directors in October 2013 and has served as an Operating Partner of SCF Partners, a private equity firm focused on oil service investments, which he joined in October 2012. Mr. Danner served as President and Chief Executive Officer of Exterran Holdings Inc. from July 2009 to October 2011 and as a member of its board of directors from 1998 to October 2011. He also served as President Chief Executive Officer and a director of Exterran GP LLC and the general partner of Exterran Partners L.P. Exterran was a global leader in natural gas compression products and services and a provider of equipment and solutions for processing, production, air emissions and water treatment to the energy sector with over 10,000 employees with operations in 30 countries. Since March 2017, Mr. Danner has served as chairman of the board of directors of Nine Energy Service, Inc., a NYSE listed company providing completion and production services to oil and gas producers in North America. Mr. Danner has a Masters of Accounting and Bachelor of the Arts degree from Rice University. Mr. Danner holds 60,146 common shares in the Company.

William Franklin, Jr., Director

Mr. Franklin joined the Company’s Board of Directors in September 2012. He joined Lime Rock Partners in 2003 and was named a Managing Director in 2008. Currently based in Houston, Mr. Franklin has worked in the firm’s Houston, Calgary, and Westport, Connecticut locations and has played a leadership role in the firm’s investment efforts in the oilfield service and exploration and production sectors in North America and internationally. Before joining Lime Rock Partners, he had experience in private equity, energy company operations, and energy finance at Riverstone Holdings from 2000 to 2003, Simmons & Company International from 1996 to 1998, and Parker & Parsley Petroleum Company from 1995 to 1996. Mr. Franklin currently serves on the board of directors of AccessESP, KSW Environmental, LLC, OilSERV, and Xtreme Drilling, an onshore drilling contractor. He previously served on a number of the boards of private equity backed oil and gas related companies. He is a graduate of the University of Texas at Austin (B.A., B.B.A.) and Harvard Business School (M.B.A.).

David Pittaway, Director

Mr. Pittaway joined the Company’s Board of Directors in July 2015. Mr. Pittaway is a Senior Managing Director of Castle Harlan and has been with the firm since its founding in 1987. Prior to joining Castle Harlan, Mr. Pittaway was Vice President for Strategic Planning and Assistant to the President of Donaldson, Lufkin & Jenrette, Inc. Before joining DLJ, he was a management consultant in strategic planning with Bain & Company in Boston, Mass., and previously was an attorney with Morgan, Lewis & Bockius, specializing in labor relations. He is a board member of Gold Star Foods and Caribbean Restaurants, LLC and has also served on the boards of multiple other Castle Harlan portfolio companies, including American Achievement Corporation, Statia Terminals Group N.V., Morton’s Restaurant Group and United Malt Holdings Inc. He also serves as Vice Chairman of Branford Castle, Inc. and Branford Chain, Inc. He is also currently a board member of The Cheesecake Factory Inc. Mr. Pittaway’s community interests include being a director of the Dystrophic Epidermolysis Bullosa Research of America. In addition, he served for twenty years in the United States Army Reserve and, upon retiring as a Major, he co-founded and acts as a director of the Armed Forces Reserve Family Assistance Fund, which provides needed support for families of American service members whose breadwinners are serving their country in overseas conflicts. He is a graduate of the University of Kansas (B.A. with Highest Distinction), and has both an M.B.A. with High Distinction (Baker Scholar) and a Juris Doctor degree from Harvard University.

John Reynolds, Director

Mr. Reynolds joined the Company’s Board of Directors in September 2012 and is co-founder and a Managing Director of Lime Rock Partners. He joined Goldman Sachs in 1992 and spent six years in the Investment Research Department where he had senior analyst responsibility for global oil service sector research and was one of the top-rated analysts in the sector. He co-founded Lime Rock Partners in 1998. Based in Westport, Connecticut, Mr. Reynolds leads the Lime Rock Partners team’s efforts in the global oilfield service sector. He currently serves on the board of directors of Archer, EnerMech and Revelation Energy. He previously served on the board of directors of Eastern Drilling, Hercules Offshore, IPEC, Noble Rochford Drilling, Patriot Drilling, Roxar, Sensa, Tercel Oilfield Products, Tesco Corporation, Torch Offshore, and VEDCO Holdings. Mr. Reynolds is a graduate of Bucknell University (B.A.) and serves as a member of its Board of Trustees.

Benjamin Sebel, Director

Mr. Sebel joined the Company’s Board of Directors in November 2012. He is a Senior Advisor to Branford Castle Partners and was most recently a Managing Director at CHAMP Private Equity, having been with the firm from 2005 until 2014. Immediately prior, Mr. Sebel was a Managing Director at Castle Harlan for seven years, and is experienced in all aspects of private equity investment including deal origination, realizations and fundraising in both the United States and Australia. Immediately prior to joining Castle Harlan, Mr. Sebel worked at Goldman Sachs & Co. in its Capital Markets Group. Previously, Mr. Sebel spent two years as Special Advisor to the Hon. Nick Greiner AC, a former premier of New South Wales, and commenced his career in the Management Consulting Services Group of PricewaterhouseCoopers (Australia), where he also qualified as a Chartered Accountant. Mr. Sebel is currently a Chairman of Rocking Horse Finance Group and Chairman of Gerard Lighting Group. Mr. Sebel was formerly on the board of Riverina Fresh Pty. Ltd., ATF Services, Centric Wealth Limited, Healthcare Australia Holdings Pty Limited, Study Group Pty Limited, United Malt Holdings, Ion Track, Inc., Associated Packaging Technologies, Inc., Equipment Support Services, Inc. and AdobeAir, Inc. Mr. Sebel holds a Bachelor of Commerce (First Class Honours) from the University of New South Wales, an M.B.A. from the Harvard Business School, and is a graduate of the Australian Institute of Company Directors.

Tyson Smith, Director

Mr. Smith joined the Company’s Board of Directors in April 2017 and is an Associate Director of CHAMP Private Equity, which he joined in 2014. He is responsible for the assessment of potential investment opportunities, transaction execution and the ongoing monitoring and management of investee companies. Mr. Smith currently serves as an Alternate Director of Dutton Group. Prior to joining CHAMP Private Equity, Mr. Smith was an investment banking professional at Morgan Stanley, where he was involved in M&A and capital markets transactions across a broad range of industries. He holds a Bachelor of Commerce (Finance) and Bachelor of Laws (with Honours), both from the University of Sydney.

Usama Trabulsi, Director

Mr. Trabulsi joined the Company’s Board of Directors in August 2017 and is a Managing Member of Integrated Renewable Energy Systems Ltd., a Saudi Arabia registered privately held limited liability company. Previously, he was the Chief Financial Controller (Deputy Minister Portfolio) of the Ministry of Petroleum and Mineral Resources, Riyadh, Saudi Arabia for over 14 years and the representative of the Minister of Petroleum and Mineral Resources to the Executive Committee, Auditing Committee and Compensation Committee of Saudi Aramco for over 13 years. Mr. Trabulsi has served on the board of directors of Arabian Oil Company from 1996 to 2003 and Arabian Oil Holdings, Inc. Japan from 2003 to 2007, in each case as the representative of the Saudi Government. In addition, Mr. Trabulsi served as the Chairman of the board of directors of Petromin-Mobil Oil Refinery Company Ltd. (“PEMREF”), a joint venture company between Petromin (the State owned National Oil Company) and Mobil Oil Company from 1990 to 1993. Meanwhile, Mr. Trabulsi served as Executive Vice President for Operation and Marketing of SUMED Oil Pipelines Co., a joint venture company between Egypt, Saudi Arabia, Kuwait, UAE and Qatar. He received his B.A. in Economics and Political Science from King Saud University, Saudi Arabia in 1965 and received his M.B.A. from Michigan State University in 1970.

David Williams

David Williams joined the Board of Directors in August 2017. He has served as the Executive Chairman of Shepherd Group Ltd of York since 2014, the Chairman of Ramco Ltd since 2013 and the Non-Executive Chairman of Tharsus Ltd of Newcastle upon Tyne since 2012. Previously, Mr. Williams was the chairman of Frog Capital (previously known as Foursome Investments) for 13 years and the Interim Chief Executive Officer and director of Logstor Holdings A/S of Denmark for two years. Prior to this, Mr. Williams was the chairman, then Chief Executive, of Serimax Holdings SAS of Paris from June 2004 to June 2006 and June 2006 to October 2011, respectively. He also held several positions at 3i plc from 1985 to 2003, including regional managing director. Mr. Williams received a BSc (Hons) in Naval Architecture and Shipbuilding from the University of Newcastle upon Tyne in 1975, has a Certified Diploma in Accountancy and Finance and received an MSc from London Business School in 1985.

Executive Management

David Mullen, Chief Executive Officer

Please see “Board of Directors” section for a description of Mr. Mullen’s experience.

Gregory O’Brien, Chief Financial Officer

Mr. O’Brien was appointed Executive Vice President and Chief Financial Officer in March 2016. Prior to his current role, Mr. O’Brien served as Director, Strategic Planning since 2014, in charge of Shelf Drilling’s corporate development efforts. Mr. O’Brien joined Shelf Drilling from Lime Rock Partners, where he focused on oilfield services and exploration & production investment opportunities internationally. Before that, Mr. O’Brien held energy investment banking roles with J.P. Morgan and SunTrust Robinson Humphrey. Mr. O’Brien graduated from the McIntire School of Commerce at the University of Virginia in 2008. Mr. O’Brien holds 206,533 common shares in the Company.

Kurt Hoffman, Chief Operating Officer      

Mr. Hoffman has worked on rigs around the world and has over 30 years’ experience in the global oil and gas contract drilling industry. He joined Shelf Drilling in October 2012. From August 2009 to April 2011, Mr. Hoffman was Senior Vice President and Chief Operating Officer of Seahawk Drilling, a Houston and Gulf of Mexico-based jack-up drilling provider where he was responsible for the company’s daily operations and strategic business plan implementation. From 1991 through August 2009, Mr. Hoffman spent 18 years with Noble Corporation where he held senior operational and executive roles, including Vice President of Worldwide Marketing, Vice President of Western Hemisphere Operations and President of Noble’s engineering services divisions, Triton Engineering Services. Mr. Hoffman received a B.S. degree from Southwest Texas State University. Mr. Hoffman holds 448,608 common shares in the Company.

Ian Clark, Executive Vice President           

Mr. Clark has over 30 years’ experience in the oil services business. Prior to joining Shelf Drilling in November 2012, Mr. Clark spent 12 years with Transocean Ltd. where he most recently served as Vice President of Human Resources and as part of its senior management team. Previous roles included Division Manager for Transocean Ltd.’s operations in Northeast Asia and also Managing Director for Nigeria. Before joining Transocean Ltd., Mr. Clark had a 20-year career with Schlumberger in various managerial, technical and marketing roles across Europe and Africa. Mr. Clark has a B.S. degree in Electrical and Electronic Engineering from Heriot Watt University in Edinburgh, Scotland and completed both the Advanced Management Program at Harvard Business School and the Financial Times Non-Executive Director Diploma. Mr. Clark holds 321,172 common shares in the Company.

Dzul Bakar, Vice President, General Counsel and Secretary        

Mr. Bakar is Vice President, General Counsel and Secretary at Shelf Drilling since November 2012. Previously, Mr. Bakar served in a similar role as Associate General Counsel at Transocean Ltd. from April 2001 where he assumed various legal, governance, compliance and operational counsel responsibilities. Mr. Bakar has a strong background in international operations with over 22 years’ experience covering the United States, Middle East and Asia. Prior to joining Transocean Ltd., Mr. Bakar had a six-year career with Schlumberger in a variety of legal roles of increasing responsibilities with postings in Singapore, Jakarta and Houston. At the beginning of his career, Mr. Bakar practiced professionally as an advocate and solicitor at a leading Malaysian law firm. Mr. Bakar graduated with combined degrees of Bachelor of Economics and Bachelor of Laws from the University of Tasmania and in 2011, completed an executive Management Acceleration Program at INSEAD Business School. Mr. Bakar holds 186,091 common shares in the Company.

Norway IPO Documents/ Announcements