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Shelf Drilling terminates bareboat charter agreements with China Merchants

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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