Shelf Drilling rig contract in Saudi Arabia suspended

Shelf Drilling announced that it has received a notification from Saudi Aramco on suspension of operations for the High Island IV jack-up rig for a period of up to 12 months.

The foregoing suspension at zero day rate will be effective upon the completion of work currently in progress and will automatically extend the term of the contract for the period of the suspension.

Under the contract signed in February 2020, the jack-up rig was expected to stay with the Saudi Aramco until February 2030 at a dayrate of US$80,000.