Shelf Drilling Finalizes Baltic Rig Sale

Offshore drilling contractor Shelf Drilling has closed the sale of its Baltic jack-up rig for $60 million with an undisclosed client.

Shelf Drilling said the buyer intends to deploy the rig on a multi-year, plug and abandonment (P&A) program in Malaysia, noting also it has agreed to provide rig management and operations support to the buyer for the upcoming campaign.

The Baltic jack-up rig, of the Marathon LeTourneau Super 300 design, was built in 1983 and upgraded in 2015. It can operate in water depth of up to 375 feet or 114.3 meters.

Shelf Drilling acquired the rig - previously known as GSF Baltic - from Transocean in 2012, after Transocean agreed to sell 38 jack-ups to the company, marking its exit from shallow water drilling business.