CHAMP-backed Shelf Drilling completes $1b acquisition
Shelf Drilling, the Dubai-based shallow water drilling services company backed by Australia’s CHAMP Private Equity, its US affiliate Castle Harlan, and Lime Rock Partners, has completed the acquisition of assets worth $1.05 billion. The PE investment, announced in September, was always intended to finance this deal.
Shelf Drilling has bought 37 jackup drilling rigs, one swamp barge and associated operations from US-listed Transocean. As part of the transaction, approximately 3,500 employees will also transfer to the buying company.
The human and capital resources will be used on projects in Thailand, Malaysia, Vietnam and India, as well as in Africa, Europe and the Middle East. Shelf Drilling will immediately assume operations of seven rigs, with the remaining rigs currently under contract working under transitional service agreements with Transocean. The full transfer is likely to be completed by 2013.
"Our strategy is based on focus, reliability and relationships," said David Mullen, CEO of Shelf Drilling. "We are exclusively focused on shallow water drilling, and we will seek to build a sustainable business that continues to grow to become the jackup drilling contractor of choice for our customers, employees and investors."
CHAMP's exposure to offshore oil and gas services in Asia extends to Miclyn Express Offshore, a Singapore-based shipping services provider in which it bought a significant minority stake for $206 million in September.
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