Drilling Dreams Extended: Chevron’s $50 Million Vote of Confidence Keeps Shelf Drilling’s Angola Romance Alive
UAE-headquartered offshore drilling contractor Shelf Drilling has secured a one-year contract extension for its Tenacious jack-up rig with Cabinda Gulf Oil Company, a subsidiary of Chevron, extending operations until February 2027.
The extension, worth approximately $50 million, will begin in direct continuation of the rig’s current 15-month contract awarded in June 2024. Chevron’s CABGOC retains an option for an additional year thereafter.
The 2007-built Shelf Drilling Tenacious, which underwent its last upgrade in 2022, is capable of operating in water depths of up to 375 feet and can accommodate 150 people. The rig has been working with Chevron’s subsidiary in Angola since January 2022.
The contract extension comes as ADES has initiated a $380 million takeover bid for Shelf Drilling, seeking to bring the company into its portfolio.
Source: Offshore-Energy.biz
