Dubai-based offshore driller Shelf Drilling has entered into an agreement with Diamond Offshore to purchase 2008-built jackup drilling rig Ocean Scepter.
The total cost for the rig is expected to be approximately $90m.
The jack-up rig is currently located in the US Gulf of Mexico and upon delivery the rig will be mobilised to the Middle East.
Shelf Drilling will finance the acquisition with part of the proceeds from its IPO, completed at the end of June.
The latest acquisition will increase Shelf Drilling’s fleet to 40 rigs.