Petroleum Africa
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Thursday, October 6, 2022
Release
Reference is made to the announcements made on June 23, 2022 by Shelf Drilling, concerning the agreement by its subsidiary Shelf Drilling (North Sea) (SDNS) to acquire five jack-up rigs from various subsidiaries of Noble Corp for $375 million. The acquisition includes the rigs Noble Hans Deul, Noble Sam Hartley, Noble Sam Turner, Noble Houston Colbert and Noble Lloyd Noble and related support, infrastructure and offshore and onshore personnel.
The Company has announced that, following successfully securing $130 million of equity financing and $250 million of senior secured debt financing as well as a further contribution from the Company of $70 million from cash on hand, Shelf Drilling North Sea has completed the Acquisition.
David Mullen, Chief Executive Officer, commented: “I am very pleased to announce the closing of this acquisition as it significantly enhances our asset quality and expands our geographical footprint into the North Sea at a very attractive price. We are also pleased to welcome to Shelf Drilling the experienced onshore and offshore teams that will ensure a seamless transition for our customers and operations. This unique transaction proves the differentiation of Shelf Drilling as we successfully completed a number of strategic actions against a challenging backdrop in getting this deal closed. This will unlock tremendous value for the company as the outlook for the sector continues to improve.”
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