Shelf Drilling nets new Vietnam contract and Gulf of Suez extension

August 7, 2025, by Dragana Nikše

UAE-based Shelf Drilling has won a short-term contract for one vessel from its fleet and secured an extension for another one.

Trident 16 jack-up rig; Source: Shelf Drilling

Under the first deal, Shelf Drilling Enterprise won a contract with an undisclosed client for one firm well in Vietnam, with an estimated duration of three months. This is a jack-up drilling unit of a Baker Marine Pacific 375 design that can accommodate 150 people.

The rig completed its previous campaign with PTTEP in Thailand, which started in July 2022, late last month. Its new gig in Vietnam is scheduled to start in early October 2025, shortly after mobilization.

Formerly known as Maersk Completer, the rig was purchased from Maersk in 2019 and renamed in January 2020.

Greg O’Brien, Shelf Drilling’s Chief Executive Officer (CEO), noted: “These awards contribute to our backlog and near-term revenue visibility and reflect the continued demand for our versatile fleet across core markets. We remain committed to delivering safe, reliable and best-in-class operations for our customers.”

Under the second deal, the Trident 16 got a three-month extension with Belayim Petroleum Company (Petrobel) in the Gulf of Suez. This comes in direct continuation of its current contract, keeping the rig busy until November 2025.

The Trident 16 is a 300-foot jack-up drilling rig of Modec 300 C-38 design. It was built in 1982 and upgraded in 2012. The rig can accommodate up to 140 people.

The two awards have a combined value of around $14 million.

In addition to securing rig deals, the UAE player recently received a takeover offer from ADES. The company’s board believes the $380 million transaction represents a fair value for shareholders and intends to recommend it at the annual meeting to be held on September 16.