Shelf Drilling, Ltd. announces that the Baltic jack-up rig has completed its contract in West Africa, and the rig will shortly commence mobilization to Southeast Asia. The Company has entered into an agreement to sell the Baltic for total consideration of USD 60 million. The buyer intends to deploy the rig on a multi-year, plug and abandonment (“P&A”) program in Southeast Asia, and Shelf Drilling has agreed to provide rig management and operations support to the buyer for the upcoming P&A campaign. Closing of the sale transaction is subject to customary closing conditions with completion anticipated in late August 2024.
