Shallow water drilling specialist Shelf Drilling has announced the sale of its Main Pass I rig for $11 million. The move is a response to the rig’s suspension of operations in the Middle East, where market dynamics, influenced by clients such as Aramco, have driven the need for restructuring.
The Main Pass I platform
This rig was operating under contract in the Middle East, a region where Saudi Aramco , the national oil company of Saudi Arabia, is the main dominant player. The suspension of this contract in early 2024 marked a shift in Shelf Drilling’s operations, forcing the company to adjust its focus on more profitable and sustainable markets.
The platform was built in 1982 and will be retired from active service, but its main components will be reused in other units of the fleet. The company continues to lead the shallow water drilling market with a strategy that integrates innovation, resource optimization and collaboration with giants such as Chevron.
The Main Pass I transaction is scheduled to close in early February 2025, a move that seeks to enhance focus on high-value projects in regions such as West Africa and the Mediterranean.
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Source and photos: Shelf Drilling
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