Revenue Drop In Q2 For Shelf Drilling For the second quarter of 2017, Shelf Drilling reported revenues of $142.8 million, compared with $169.9 million in the same period a year earlier. The decrease in total revenue was largely due to a decrease in average day rates and a decline in marketed utilization. Total rig operating expenses decreased by $11.5 million in second quarter 2017 to $65.0 million compared with the previous year's quarter. This decrease was mainly due to lower expenses for rigs which were seeking marketing opportunities. For the second quarter of 2017 adjusted EBITDA was $56.5 million compared [...]
Pertamina Hulu Energi Mahakam is said to have completed its evaluation of bids received against its tender for two swamp barges, both to commence in January 2018 for 2+1 year charters. Apexindo, who have three swamp barges stacked in the Mahakam area, and PT Sudjaca Palembang are known the have submitted bids, the latter likely on behalf of Shelf with the Hibiscus. There is believed to be another bidder which earlier had been identified variously as a Chinese company and/or KS Drilling. Local content requirement is 50% which enforces an Indonesian flagged unit.
With the sales and purchase of individual rigs being in vogue at present Shelf Drilling has completed the purchase, and has taken delivery of, two Seadrill jackups which are both stacked in Lamprell’s yard in Sharjah. The West Resolute has been renamed Shelf Drilling Resourceful and West Triton is now called Shelf Drilling Tenacious. The third unit Shelf have purchased, West Mischief, will not be handed over until it completes its current charter with ZADCO off Abu Dhabi in August. The new name for West Mischief is to be Shelf Drilling Mentor. Wonder who came up with that.
Shelf have now decided to cold stack 1982 Mitsui Modec 400-C-35 design jackup Trident IX which has been warm stacked in Malaysia since July 2015. This is likely the first step towards the knackers yard. A second Shelf jackup, Trident 15, also built in 1982, which has been warm stacked in Malaysia since October 2016 may be next to be cold stacked. Trident IX is only one of two cold stacked rigs that Shelf have on their books, the other being the Adriatic IX, however they do have 14 jackups warm stacked around the world.
Shelf new build jackup Shelf Drilling Krathong has now commenced its 5-year charter with Chevron in Thailand. The sister rig to the LeTourneau Super 116-E design rig, Shelf Drilling Chaopraya, began its maiden 5-year charter with Chevron in December.