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

23 September 2013

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 loan to ‘BB-‘ from ‘B+’ and on the $475 million notes to ‘B+’ from ‘B’. We are also assigning an issue rating of ‘B-‘ to the company’s proposed $450 million term loan. The stable outlook reflects our view that Shelf Drilling will extend its track record of solid operational performance in 2013 and 2014. LONDON (Standard & Poor’s) Sept. 23, 2013–Standard & Poor’s Ratings Services…