Shelf Drilling to raise $250m from Oslo IPO

Shelf Drilling to raise $250m from Oslo IPO

UAE-based offshore drilling contractor Shelf Drilling expects to raise $200-$250m from its IPO on the Oslo Stock Exchange.

The company announced its intention to list its shares on the exchange last week.

Shelf says it will use approximately $175m of the net proceeds from the offering to redeem all of the preferred shares plus accrued but unpaid dividend. Additionally, it intends to use a portion of the net proceeds to acquire one or two premium jackup rigs and for general corporate purposes.

The bookbuilding period for the offering will commence on June 13 and run through to June 21.

Shelf Drilling is world’s largest contractor of jackup rigs and its fleet consists of 38 rigs.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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