Shelf Drilling in Oslo IPO plan. Plans to use cash for rig fleet expansion

Shelf Drilling on Monday said it planned to conduct an initial public offering (“IPO”) and a listing of its common shares on the Oslo Stock Exchange.

Subject to receiving the relevant approvals from the Oslo Stock Exchange and favorable equity capital market conditions, the IPO is expected to be launched during June 2018, the company said.

The offshore driller said it would use the net proceeds from the offering to finance the company’s fleet expansion, redemption of all or parts of the company’s preferred shares and for general corporate purposes.

“The Company is in discussions with multiple parties for the potential purchase of one or two modern, premium jack-up rigs. These jack-up rigs are generally of comparable designs to one or more of the Company’s existing premium jack-up rigs,” Shelf Drilling said.

Shelf Drillings specializes in shallow water offshore drilling, providing of equipment and services for the drilling, completion and workover of offshore oil and natural gas wells.

The company said it would make further announcements relating to the IPO “in due course.”