Two more years for Shelf Drilling’s 42-year-old jack-up rig in Gulf of Suez

Shelf Drilling’s 42-year-old - Merchant Navy Info - News

Shelf Drilling Jobs shares that the two-year contract extension for the Rig 141 jack-up has been secured. This was done in direct continuance of the rig’s present term with Gempetco. Also specifically for operations in the Gulf of Suez offshore Egypt. At the same time, the total estimated value for the contract extension is approximately $51 million. Petrogulf Misr will get a one-year extension.

The year 2026 is the expected start. The 1982-built Rig 141 Marathon LeTourneau 82-SD-C 250-foot jack-up rig can accommodate 100 people. As of December 31, 2023, Shelf Drilling’s contracted backlog was $2.3 billion. A total of 35 of 36 rigs are under contract, representing a marketed utilization of 97%.

What is happening with other rigs in Shelf Drilling’s fleet?

The rig owner’s Shelf Drilling Perseverance jack-up rig secured a 12-well contract with PetroVietnam Domestic Exploration Production Operating Company Limited (PVEP POC) in Vietnam for a firm term of around 16 months with a contract value of about $73 million. The rig is mobilizing from the UK and will undergo contract preparation in Singapore. The expected start date for this assignment is July 2024.

The company’s Shelf Drilling Barsk jack-up rig has completed its contract with Equinor under a bareboat charter. The rig is currently undergoing contract preparation in Norway ahead of its new contract. May of 2024 is the expected contract date. Shelf Drilling’s Baltic jack-up rig secured a three-well contract in Nigeria for a firm term of approximately 70 days. The expected start date is April 2024. The total value of around $10 million.

The Trident 16 jack-up rig completed its contract with Petrobel in Egypt in February 2024. It is now available and marketed for other opportunities. The Trident II jack-up rig has wrapped up an OOS project in the UAE. Later this month the contract with ONGC India will start.

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