Shelf Drilling was granted a two-year extension for the Adriatic I jack-up rig, which is set to start in February 2025. Credit: Xmentoys/Shutterstock.

Shelf Drilling has announced the full execution of contracts and extensions valued at $234m (Dh863.04m) for its jack-up drilling rigs, Shelf Drilling Achiever and Adriatic I, for offshore operations in West Africa.

The company has solidified a three-year contract for the Shelf Drilling Achiever, designated for offshore Nigeria, with operations expected to commence in October 2024.

This contract also includes an option for an additional two-year extension at mutually agreed rates.

Furthermore, the company has been granted a two-year extension for the Adriatic I jack-up rig, which is set to start in February 2025, immediately following the rig’s current contract in Nigeria.

This extension also comes with a one-year option. The total firm period of five years for both rigs, excluding mobilisation and demobilisation revenue, amounts to $234m.

Shelf Drilling CEO Greg O’Brien said: “These contracts in Nigeria contribute significant backlog and revenue visibility for Shelf Drilling in 2025 and beyond. We look forward to delivering continued strong safety and operating performance with the Adriatic I following many years of continuous activity in Nigeria and successfully bringing the Shelf Drilling Achiever into operations later this month”.

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Shelf Drilling had previously disclosed in September the award of contracts for the Shelf Drilling Achiever and Shelf Drilling Mentor.

The Shelf Drilling Mentor is due to cover ten wells with an estimated duration of 450 days, with a contract value of $60m, which is a direct continuation of the rig’s current campaign in Nigeria. Shelf Drilling is also preparing the Main Pass IV rig for mobilisation, with operations due to commence before the end of 2024, further expanding the company’s presence and operations in the region.