Shelf Drilling, Ltd. a shallow water offshore drilling contractor, has decided not to proceed with its announced Initial Public Offering at this time.
The company says that this decision has been reached due to challenging public market conditions despite a positive response from prospective investors to the Company, its strategy and operations.
The outlook for Shelf Drilling’s business continues to be positive, underpinned by a contracted backlog of $3.4 billion as at 27 May 2014, with an average remaining duration of 758 days per contracted rig, the company further said in a statement.
“The management team will continue to drive sustainable, profitable growth focusing on its proven fit-for-purpose strategy and on delivery of an outstanding service to its customers,” the statement reads.
Related: Shelf Drilling plans London IPO
Shelf Drilling describes itself as the world’s largest independent leg cantilever (“ILC”) jackup fleet operator focused solely on shallow water markets. The company’s fleet consists of 37 ILC jackup rigs, two contracted ILC jackup rigs under construction and one swamp barge.
Shelf Drilling currently operates across four key shallow water regions: the Middle East, North Africa and Mediterranean (“MENAM”), Southeast Asia, India and West Africa.