Shelf Drilling, Ltd. (“Shelf Drilling”, OSE: SHLF), announces that one of its subsidiaries has entered into an agreement with a subsidiary of Maersk Drilling (CPH: DRLCO) to purchase the Maersk Completer jack-up drilling rig for a purchase price of USD 38 million.

The Maersk Completer rig was built in 2007 and is of Baker Pacific Class 375 design, currently located in Singapore. The contemplated acquisition of this premium high-spec jack-up rig is in anticipation of securing a long-term contract in the near term.

The transaction is subject to customary closing conditions, and the rig is expected to be delivered in January 2020.