Dubai-based Shelf Drilling has announced that it has terminated agreements with an affiliate of China Merchants & Great Wall Ocean Strategy & Technology Fund for the bareboat charter and option to acquire two jackup rigs.
The company planned to buy the two newbuild rigs from China Merchants for $87m each, and issue new shares to fund the acquisition.
Shelf Drilling will pay $4m to China Merchants to settle the termination.
Shelf Drilling currently owns a fleet of 36 jackup rigs.
