Arabian Drilling and Shelf Drilling announce MoU for strategic alliance in international offshore drilling

Arabian Drilling and Shelf Drilling, Ltd. (“Shelf Drilling”) announced today the signing of a Memorandum of Understanding (“MOU”) with the intention of forming a strategic alliance (the “Alliance”) which aims to deploy some of Arabian Drilling’s premium jack-up rigs internationally and expand the reach and capabilities of both companies.

Arabian Drilling (Saudi Stock Exchange “XSAU”: 2381) is the largest onshore and offshore drilling company in Saudi Arabia by fleet size.

Shelf Drilling (Oslo Stock Exchange “OSE”: SHLF) is a leading international shallow water offshore drilling contractor with rig operations across the Middle East, Southeast Asia, India, West Africa, the Mediterranean and the North Sea.

The Alliance

Under the Alliance, Arabian Drilling will gain access to Shelf Drilling’s extensive international operating platform and diverse customer relationships. Shelf Drilling will seek to use some of Arabian Drilling’s high-specification jack-up rigs to meet specific contract requirements. By combining resources, technical expertise and operational excellence, the Alliance will be positioned to deliver outstanding services to customers and increase the competitiveness of both companies.

Ghassan Mirdad, CEO of Arabian Drilling, commented: “The Alliance gives us a clear path to execute our strategy to develop an international footprint. Shelf Drilling’s expertise and international presence will bring our advanced, high-specification rigs to new markets. We see a strong cultural fit and a common focus on the highest Health, Safety and Environmental standards. The Alliance is an exciting new opportunity to create value.”

Greg O’Brien, CEO of Shelf Drilling, commented: “The Alliance marks a significant step in our commitment to delivering operational excellence and best-in-class services to our customers. By leveraging Shelf Drilling’s extensive international presence, unique focus on safety, and fit-for-purpose business strategy with Arabian Drilling’s premium jack-up rigs, we are well-positioned to unlock new opportunities in our core markets and drive value for our stakeholders.”