Shelf Drilling Completes Acquisition Of 38 Rigs From Transocean

Shelf Drilling Completes Acquisition Of 38 Rigs From Transocean PR Newswire GEORGE TOWN, Grand Cayman, Nov. 30, 2012 GEORGE TOWN, Grand Cayman, Nov. 30, 2012 /PRNewswire/ -- Shelf Drilling Holdings Ltd ('Shelf Drilling'), a newly- formed focused provider of shallow water drilling services in Asia, Africa and the Middle East, announces the closing of its $1.05 billion acquisition of 37 jackup drilling rigs, one swamp barge, and associated operations from Transocean Ltd (NYSE: RIG). The transaction was effected pursuant to the terms of the agreements signed on 9 September 2012. Shelf Drilling was created to become the leading international shallow water drilling contractor to the oil and gas industry. Building on the decades of experience of the approximately 3,500 worldwide employees who will transfer as part of the transaction, Shelf Drilling seeks to provide the safest and most reliable fit-for-purpose jackup drilling services to its customers. The company has established its headquarters in Dubai for optimal access to operating bases in Thailand, Malaysia, Indonesia, Vietnam, India, Nigeria, Gabon, Angola, Egypt, Saudi Arabia and Italy. "Our strategy is based on focus, reliability and relationships," commented David Mullen, the Chief Executive Officer of Shelf Drilling.