Oslo-listed jackup rig player Shelf Drilling has secured a five-year contract extension with Saudi Aramco for its High Island V unit. The contract extension is valued at approximately $133 million, as announced by the UAE-based company.
The extended contract will come into effect immediately after the current arrangement expires, ensuring operations are maintained through July 2030.
Shelf Drilling CEO Greg O’Brien expressed satisfaction with the contract extension, citing the High Island V team’s exceptional safety and operational performance spanning over a decade. He emphasized the company’s commitment to the Middle East region, highlighting its significance in Shelf Drilling’s business strategy and its dedication to sustaining a long-term presence in the area.