Offshore drilling contractor Shelf Drilling has terminated a bareboat constitution settlement with China Merchants for 2 jack-up drilling rigs.

Shelf Drilling introduced a deal for the acquisition of two jack-up rigs, with an choice to purchase two extra, from China Merchants again in February 2019.

It was agreed that Shelf would purchase the primary two rigs, of Gusto MSC CJ46 design, for a worth of $87 million per rig, and to enter into bareboat charters of, and the choice to purchase, two extra CJ46 jack-up rigs.

The transaction with China Merchants was accomplished in May 2019.

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However, the rig operator stated on Monday that the a part of the settlement with China Merchants for the bareboat constitution of, and the choice to purchase, two CJ46 jack-up rigs had now been terminated.

The preliminary time period of every bareboat constitution was imagined to be three years, which may very well be prolonged for 3 extra years, with a begin date in August 2019.

The termination shall be efficient upon the settlement of a complete constitution cost of $four million, payable by the corporate in September 2020.

The publish Shelf Drilling cancels constitution with China Merchants for 2 jack-up rigs appeared first on Offshore Energy.

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