Shelf Drilling Extends Contract for Key Manhattan Rig with Eni in Italy

UAE-headquartered offshore drilling contractor Shelf Drilling (SHLF) has secured a long-term contract extension for its jack-up rig, the Key Manhattan, allowing it to continue operating in Italian waters with Eni, the country’s energy giant.

The Key Manhattan rig, known for its history of collaboration with Eni, will now stay with the Italian company for an additional year under the new contract extension. The extension, valued at approximately $29 million, will see the rig committed to Eni until November 2026, with the option for further extensions.

The Key Manhattan rig, a 350-foot jack-up drilling unit of Marathon LeTourneau 116-C design, has been working with Eni off the coast of Italy since April 2016. Despite facing a period of suspension with reduced day rates in 2020, the rig has maintained a strong operational track record.

Greg O’Brien, CEO of Shelf Drilling, expressed his satisfaction with the contract extension, stating, “This additional backlog provides revenue and cash flow visibility for Shelf Drilling through 2026. We are delighted to continue our longstanding partnership with Eni.”

Shelf Drilling has recently secured other significant contracts, including a multi-year drilling assignment with India’s ONGC in the Mumbai High area and a five-year contract extension with Aramco in the Middle East.

With a focus on safety and operational excellence, Shelf Drilling remains committed to delivering high-quality services to its clients and driving continuous improvement in the offshore drilling sector.