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Shelf Drilling Completes Acquisition Of 38 Rigs From Transocean

Date : 12/01/2012 @ 3:29AM
Source : PR Newswire (US)
Stock : Transocean Ltd (Switzerland) (RIG)
Quote : 41.41  0.0 (0.00%) @ 6:22PM
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Shelf Drilling Completes Acquisition Of 38 Rigs From Transocean

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Shelf Drilling Completes Acquisition Of 38 Rigs From Transocean

GEORGE TOWN, Grand Cayman, Nov. 30, 2012 /PRNewswire/ -- Shelf Drilling Holdings Ltd ('Shelf Drilling'), a newly-formed focused provider of shallow water drilling services in Asia, Africa and the Middle East, announces the closing of its $1.05 billion acquisition of 37 jackup drilling rigs, one swamp barge, and associated operations from Transocean Ltd (NYSE: RIG).  The transaction was effected pursuant to the terms of the agreements signed on 9 September 2012.

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, Shelf Drilling seeks to provide the safest and most reliable fit-for-purpose jackup drilling services to its customers.  The company has established its headquarters in Dubai for optimal access to operating bases in Thailand, Malaysia, Indonesia, Vietnam, India, Nigeria, Gabon, Angola, Egypt, Saudi Arabia and Italy.

"Our strategy is based on focus, reliability and relationships," commented David Mullen, the Chief Executive Officer 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."

"I have been extremely encouraged by the response from our employees and customers following the initial announcement of the transaction.  The entire Shelf Drilling team is excited about the leading role our company will play in the global shallow water drilling industry."

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. Shelf Drilling and Transocean will work in close collaboration to ensure a seamless transition and outstanding safety and operational performance. A list of Shelf Drilling's assets is included in Appendix A.

Shelf Drilling Holdings is a private company owned by management and private equity funds managed by Castle Harlan, Inc., CHAMP Private Equity and Lime Rock Partners.

Additional information about Shelf Drilling can be found at www.shelfdrilling.com

Appendix A

Jackups

Design

Year Entered Service (1)

Water Depth (Feet)

Location






C.E. Thornton

MLT 53-SC (converted to MLT 116-C)

1974

300

India

Compact Driller

MLT 116-C

1992

300

Thailand

F.G. McClintock

MLT 53-C

1975

300

India

Galveston Key

MLT 116-S (converted 116CS)

1978

300

Malaysia

GSF Adriatic I (3)

MLT 116-C

1981

300

Malaysia

GSF Adriatic IX

MLT 116-C

1981

350

Nigeria

GSF Adriatic V (3)

MLT 116-C

1979

300

UAE

GSF Adriatic VI (3)

MLT 116-C

1981

328

Malaysia

GSF Adriatic X

MLT 116-C

1982

350

Nigeria

GSF Baltic

MLT Super 300

1983

375

Nigeria

GSF High Island II

MLT 82-SD-C

1979

270

Saudi Arabia

GSF High Island IV

MLT 82-SD-C

1980 / 2001

270

Saudi Arabia

GSF High Island IX

MLT 82-SD-C

1983 / 2012

250

Saudi Arabia

GSF High Island V (3)

MLT 82-SD-C

1981

270

UAE

GSF High Island VII

MLT 82-SD-C

1982

250

Nigeria

GSF Key Gibraltar

MLT 84-C (modified to 116-C)

1976 / 1996

300

Thailand

GSF Key Hawaii

Mitsui 300 C

1983

300

Vietnam

GSF Key Manhattan

MLT 116-C

1980

350

Italy

GSF Key Singapore (3)

MLT 116-C

1982

350

Egypt

GSF Main Pass I

F&G L-780-Mod II

1982

300

Saudi Arabia

GSF Main Pass IV

F&G L-780-Mod II

1982

300

Saudi Arabia

GSF Parameswara

Baker Marine BMC-300-IC

1983

300

Indonesia

GSF Rig 105

MLT 52-C

1975

250

Egypt

GSF Rig 124

Modec 200C-45

1980

250

Egypt

GSF Rig 141

MLT 82-SD-C

1982

250

Egypt

Harvey H. Ward

F&G L-780-Mod II

1981

300

Indonesia

J.T. Angel

F&G L-780-Mod II

1982

300

India

Randolph Yost(2)

MLT 116-C

1979

300

India

Ron Tappmeyer

MLT 116-C

1978

300

India

Transocean Comet

Sonat cantilever

1980

250

Egypt

Trident 15

Modec 300 C-38

1982

300

Thailand

Trident 16

Modec 300 C-38

1982

300

Thailand

Trident II

MLT 116-C

1977 / 1985

300

India

Trident IX

Modec 400 C-35

1982

400

Malaysia

Trident VIII

Modec 300 C-35

1981

300

Gabon

Trident XII

Baker Marine BMC-300-IC

1982 / 1992

300

India

Trident XIV

Baker Marine BMC-300-IC

1982 / 1994

300

Angola






Swamp Barge





Hibiscus

Heavy Swamp Barge

1979 / 1993

25

Indonesia






(1)  Dates shown are the original service date and the date of the most recent major upgrade, if any.


(2)  Rig is currently undergoing reactivation.




(3)  Rig is currently stacked.




SOURCE Shelf Drilling Holdings Ltd

Copyright 2012 PR Newswire



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