Shelf Drilling acquires 38 shallow-water rigs from Transocean

12/3/2012

Shelf Drilling acquires 38 shallow-water rigs from Transocean

GRAND CAYMAN -- Shelf Drilling, a new focused provider of shallow-water drilling services in Asia, Africa and the Middle East, has made a $1.05 billion acquisition of 37 jackup drilling rigs, one swamp barge, and associated operations from Transocean.

Shelf Drilling was created to become the leading international shallow-water drilling contractor to the oil and gas industry. Building on the decades of experience of the approximately 3,500 worldwide employees who will transfer as part of the transaction.

"Our strategy is based on focus, reliability and relationships," commented David Mullen, the CEO of Shelf Drilling. "We are exclusively focused on shallow-water drilling, and we will seek to build a sustainable business that continues to grow to become the jackup drilling contractor of choice for our customers, employees and investors. We intend to build on our workforce's industry leading track record of safety and operational excellence to allow us to build long term relationships with our customers and suppliers."

Shelf Drilling will immediately assume operations of seven rigs. The remaining currently contracted rigs will operate under transitional operating and services agreements with Transocean, with the goal of assuming full operations of the entire fleet in 2013.

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