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Shelf Drilling on Monday said the contract for the Shelf Drilling Achiever jack-up rig was three years. Shelf said the rig would operate in the Arabian Gulf for an undisclosed client.
The contract includes a one-year option. The planned start-up of operations is in the fourth quarter of 2019.
The driller recently completed the transaction to acquire from China Merchants’ two premium newbuild CJ46 jack-up rigs, and bareboat charter, with an option to purchase, of two additional premium newbuild CJ46 jack-ups.
The first two rigs, of Gusto MSC CJ46 design, are the said Shelf Drilling Achiever and the Shelf Drilling Journey.
The company last week reported a net loss attributable to common shares of $13,6 million for the quarter, which is an improvement compared to a loss of $43 million in the first quarter of 2018. Revenue for the 1Q 2019 was $147 million in line last year’s first quarter.