Dubai-based jackup drilling rig operator Shelf Drilling has secured long-term extensions for four jack-up rigs in direct continuation of their respective current contracts in the Arabian Gulf.
The High Island II, High Island IV and Main Pass I rigs have each been awarded 10-year extensions, while the Main Pass IV rig has been awarded a 5-year extension. All four extensions are at day rates generally consistent with current rates for these rigs and allow for annual rate adjustments.
The extensions are expected to commence in the first quarter of 2020.
“These extensions will add significantly to our contract backlog and are yet another indication of the improving jack-up market. We remain focused on building this momentum throughout our business as the broader jack-up market recovery cycle unfolds,” said David Mullen, CEO of Shelf Drilling.
Shelf Drilling has a fleet of 37 jackup drilling rigs.