Shelf Rig Sees Contract Extension in Egypt

Monday, March 4, 2024

Oslo-listed Shelf Drilling reports that it has secured a two-year contract extension for the Rig 141 jack-up rig in direct continuation of its current term with Gemsa Petroleum Company for operations in the Gulf of Suez offshore Egypt.

The total estimated value for the contract extension is approximately $51 million. The company says that one year of the extension will be farmed out to Petrogulf Misr. Following this extension, the expected availability of the rig is February 2026.

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