Offshore staff
DUBAI, UAE — Gemsa Petroleum Co. (Gempetco) has extended its contract with Shelf Drilling for the jackup Rig 141.
The extension, due to start on completion of the current term, has an estimated value of about $51 million; one year of the extension will be farmed out to Petrogulf Misr.
Thereafter, the rig should become available in February 2026.
Shelf Drilling has also issued a statement to accompany its latest financial results. CEO David Mullen said, “Oil and gas consumption has reached record levels and is expected to increase for many years to come with shallow-water activity in our markets playing a critical role.
“Global jackup utilization has reached 94%, and dayrate momentum has accelerated over the past 18 months. There may possibly be some reduction in Saudi Arabia in the quarters ahead, but we expect incremental demand in other regions to sustain strong level of jackup activity and utilization for the foreseeable future. As of December 31, 2023, our backlog was $2.3 billion, with 35 of our 36 rigs under contract, and we have a solid pipeline of new marketing opportunities for uncontracted days in 2024 and 2025.”
Recent contract wins include a new contract for the Shelf Drilling Perseverance from PetroVietnam, due to start offshore Vietnam in July with a firm term of about 16 months. In addition, next month the Baltic will start a new contract offshore Nigeria with a 70-day firm period.
03.04.2024
