Middle East contract extensions for two Shelf rigs
Shelf Drilling has issued a status update on five of its jackups.
High Island II and Shelf Drilling Victory both arrived in West Africa last month, with the former set to start a two-well contract later this month.
Petrobel Egypt has extended Trident 16’s contract until August 2025, while High Island V’s contract with Saudi Aramco will now continue until July.
Early in May, Shelf Drilling Barsk began drilling operations for Equinor at Sleipner B in the Norwegian North Sea, having switched from providing accommodation and support since last November. The contract’s firm term is set to run through December 2026, with options for further wells thereafter.
Shelf Drilling CEO Greg O’Brien said, “The recent macroeconomic developments have contributed to reduced commodity price levels and created some market uncertainty. The contract suspensions in the Middle East during 2024 continue to impact the global jackup market with further dayrate pressure seen in recent months.
“We have a solid pipeline of near-term contract opportunities for our rigs with availability in 2025 and 2026 and are also focused on identifying ways to further optimize our cost structure.”
