|
Behandler innhold .. vennligst vent..
highlander
22:59
14.05.2024
#47534
|
Arctic Securities nedjusterer sitt kursmål på Shelf Drilling til 38 kroner, fra tidligere 45 kroner. Kjøpsanbefalingen gjentas.
Det fremgår av en oppdatering tirsdag.
"Etter de fire riggsuspensjonene fra Saudi Aramco og den pågående markedsusikkerheten som gjør at anbudene tar lengre tid å gjennomføre, har vi revidert våre estimater lavere", skriver meglerhuset ifølge TDN. |
OldNick
21:19
21.05.2024
#31722
|
Shelf Drilling Ltd kom med sitt Q1-2024 resultat forrige onsdag.
SHLF: Shelf Drilling Reports Q1-2024 Results
Børsmelding
15.05.2024
Dubai, UAE – Shelf Drilling, Ltd. (“Shelf Drilling”, “SDL” and, together with its subsidiaries, the “Company”, OSE:SHLF) announces results for Q1-2024 ended March 31.
David Mullen, Chief Executive Officer, commented: “During Q1-2024, Shelf Drilling continued to deliver safe, reliable, and efficient operations to all our customers. Our EBITDA decreased 9% sequentially to $80 million, primarily due to the end of the Shelf Drilling Barsk bareboat charter during Q4-2023. This rig is currently in final stages of preparation for its next long-term contract in Norway, which is expected to start later this month.”
Mullen added: “The decision by Saudi Aramco to suspend 22 jack-up rig contracts has created some near-term uncertainty in our sector. However, the underlying market fundamentals remain strong with a robust oil market backdrop and incremental rig demand in nearly all other regions around the world. We are actively marketing 3 of our 4 suspended jack-ups and are confident we will have these rigs back in operation before the end of 2024 at attractive dayrate and margin levels. The recently announced refinancing transaction at Shelf Drilling North Sea further strengthens our financial position and provides long-term flexibility. Despite the short-term challenge in the Middle East, we remain well-positioned to generate significant free cash flow in 2025 and beyond.”
First Quarter Highlights
- Q1-2024 adjusted revenues of $251.5 million.
- Q1-2024 adjusted EBITDA of $80.0 million, representing an adjusted EBITDA margin of 32%, including $(11.3) million adjusted EBITDA from Shelf Drilling (North Sea), Ltd. ("SDNS").
- Q1-2024 net income attributable to controlling interest of $4.4 million.
- Q1 2024 capital expenditures and deferred costs totaled $48.5 million, including $12.6 million at SDNS.
- The Company’s cash and cash equivalents balance at March 31, 2024 was $101.6 million, including $13.6 million at SDNS.
- Contract backlog of $2.2 billion at March 31, 2024 across 35 contracted rigs with weighted average dayrate of $83.6 thousand.
- In April 2024, the Company received a notice of suspension of operations of four rigs (Main Pass I, Main Pass IV, Shelf Drilling Victory and Shelf Drilling Achiever) from Saudi Aramco. During the suspension period the rigs will be marketed to other customers.
- In April 2024, the Shelf Drilling Barsk was awarded additional backlog with Equinor extending the firm term through December 2025 with additional option wells thereafter.
- In April 2024, the Shelf Drilling Fortress was awarded a new contract with an estimated term of 400 days, scheduled to commence in August 2024 immediately after completion of the rig's existing contract.
- On April 26, 2024, SDNS, through its subsidiary Shelf Drilling (North Sea) Holdings, Ltd. ("SDNSH") successfully placed new $315.0 million senior secured first lien bonds for 4.5 years with 9.875% interest, payable semi-annually. The transaction is expected to close in May 2024. The net proceeds from the 9.875% Senior Secured Bonds will be used to refinance the 10.25% Senior Secured Notes, due October 2025 (the “10.25% Senior Secured Notes”), fund the previously disclosed short-term liquidity requirement and transaction costs (including the call premium on the 10.25% Senior Secured Notes) and for general corporate purposes.
- Financial guidance for the full year 2024 has been revised and is included in the "2024 Financial Guidance" section of the Q1 2024 results highlights presentation on our website.
First Quarter Results
Adjusted revenues were $251.5 million in Q1-2024 compared to $238.8 million in Q4-2023. The $12.7 million (5%) sequential increase in revenues was primarily due to higher effective utilization across the fleet, as two more rigs were fully or partially operating in Q1-2024, and higher average dayrates.
Effective utilization increased to 86% in Q1-2024 from 85% in Q4-2023, primarily due to the commencement of new contracts for two rigs in West Africa and one rig in India, return to operations for two rigs in Saudi Arabia, following completion of out of service projects, partially offset by the planned shipyard for one rig in Saudi Arabia, the contract completion for one rig in Egypt in February 2024 and addition of a marketable rig in December 2023 that was out of service for all of Q1-2024 preparing for a new contract in Norway. Average earned dayrate increased to $81.7 thousand in Q1-2024 from $80.2 thousand in Q4-2023 mainly due to higher dayrates for two rigs in Nigeria and Egypt.
Total operating and maintenance expenses increased by $14.6 million (11%) in Q1-2024 to $149.5 million compared to $134.9 million in Q4-2023. The sequential increase was primarily due to higher costs for one rig in Norway that was previously under a bareboat charter agreement, higher maintenance costs for certain rigs in Saudi Arabia and India, and higher expenses for fleet spares. This was partially offset by lower shipyard and demobilization costs for two rigs in West Africa and one rig in India that commenced operations in October 2023 and April 2024.
General and administrative expenses increased by $4.4 million in Q1-2024 to $18.0 million as compared to $13.6 million in Q4-2023. The sequential increase was primarily due to an increase in compensation and benefit expenses and an increase in provision for credit losses.
Adjusted EBITDA for Q1-2024 was $80.0 million compared to $88.0 million for Q4-2023. The adjusted EBITDA margin of 32% for Q1-2024 decreased from 37% in Q4-2023.
Capital expenditures and deferred costs of $48.5 million in Q1-2024 increased by $0.9 million from $47.6 million in Q4-2023. This increase was primarily related to higher contract preparation expenditures for one rig in India and one rig in Singapore ahead of their new contract commencements in March 2024 and July 2024, partially offset by lower spending on fleet spares.
Q1-2024 ending cash and cash equivalents balance of $101.6 million was relatively unchanged as compared to $98.2 million at the end of Q4-2023. The Q1 2024 ending cash and cash equivalents balance for SDNS was $13.6 million down from $27.7 million at the end of Q4-2023. The cash and cash equivalents balance for SDL excluding SDNS increased from $70.5 million to $88.0 million during Q1-2024.
The Form 10-Q Equivalent, which includes the Condensed Consolidated Financial Statements, and a corresponding slide presentation to address the results highlights for Q1-2024 are available on the Company’s website.
For further queries, please contact:
Greg O'Brien, Executive Vice President and CFO, Shelf Drilling, Ltd., Tel. +971 4567 3616, E-mail: greg.obrien@shelfdrilling.com
SHLF: Q1-2024 Report (PDF)
SHLF: Q1-2024 Presentation (PDF)
SHLF: Q1-2024 Conference call webcast (MP3)
SHLF: 2023 Annual Report (PDF)
SHLF: Drilling Fleet Status (PDF)
SHLF: Investor relations
______
Shelf Drilling har jo et datterselskap som er notert på OSE; Shelf Drilling (North Sea) Ltd., som også leverte sin Q1-2024 rapport forrige onsdag.
SDNS: Shelf Drilling North Sea Reports Q1-2024 Results
Børsmelding
15.05.2024
SDNS: Q1-2024 Report (PDF)
SDNS: Q1-2024 Presentation (PDF)
SDNS: Investor relations |
highlander
22:42
24.05.2024
#47643
|
Fearnley Securities gjentar sin kjøpsanbefaling på Shelf Drilling i en analyseoppdatering etter førstekvartalsrapporten.
Imidlertid nedjusterer meglerhuset kursmålet med én krone, fra 38 til 37 kroner. |
OldNick
20:41
05.06.2024
#31849
|
SHLF: Shelf Drilling North Sea Satisfies Redemption Conditions & Completes Refinancing
Børsmelding
22.05.2024
Dubai - Reference is made to the announcement by Shelf Drilling (North Sea), Ltd. (the "Company" or "SDNS") published on April 26, 2024 regarding the successful placement of new 4.5-years senior secured first lien bonds through its subsidiary Shelf Drilling (North Sea) Holdings, Ltd. (the "New Bonds"), and the conditional voluntary redemption notice in relation to the outstanding senior secured notes maturing in October 2025 (the "Existing Notes"). The Company is pleased to announce that the settlement date for the New Bonds occurred today and that the conditions set out in the redemption notice have been satisfied. The Existing Notes have been fully redeemed as of May 22, 2024. An application will be made for the New Bonds to be listed on the Alternative Bond Market of the Oslo Stock Exchange.
For questions or comments, please contact:
E-mail: investor.relations@shelfdrilling.com
______
SHLF: Shelf Drilling Announces Norway Operations Update
Børsmelding
03.06.2024
Dubai – Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE:SHLF) announced today that a subsidiary of Shelf Drilling (North Sea), Ltd. (“Shelf Drilling North Sea” or “SDNS”) has received notice from Havtil (Norwegian Ocean Industry Authority) that its application for an Acknowledgement of Compliance (AoC) for the Shelf Drilling Barsk jack-up rig has not been accepted. The Shelf Drilling Barsk rig can only commence its contract in Norway (announced April 28, 2023) once the AoC has been obtained. Shelf Drilling intends to continue constructive dialogue with Havtil in order to obtain the AoC and commence the announced drilling contract. A further update on the AoC process will be provided in due course.
______
SHLF: Shelf Drilling Announces Contract Award for the Shelf Drilling Tenacious
Børsmelding
05.06.2024
Dubai – Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE:SHLF) announced today that it has secured a 15-month award for the Shelf Drilling Tenacious jack-up rig for drilling operations offshore West Africa. The award will begin in direct continuation of the rig’s current contract, extending the commitment until February 2026. The total added contract value is approximately USD 66 million. |
OldNick
16:39
30.07.2024
#32253
|
SHLF-aksjen fikk en solid opptur idag (+7%), formodentlig hovedsakelig på denne meldingen?
SHLF: Shelf Drilling Announces Baltic Rig Update
Børsmelding
30.07.2024
Dubai – Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE:SHLF) announces that the Baltic jack-up rig has completed its contract in West Africa, and the rig will shortly commence mobilization to Southeast Asia. The Company has entered into an agreement to sell the Baltic for total consideration of USD 60 million. The buyer intends to deploy the rig on a multi-year, plug and abandonment (“P&A”) program in Southeast Asia, and Shelf Drilling has agreed to provide rig management and operations support to the buyer for the upcoming P&A campaign. Closing of the sale transaction is subject to customary closing conditions with completion anticipated in late August 2024.
For questions or comments, please contact:
E-mail: communications@shelfdrilling.com
Endret 16:42 30.07.2024 av OldNick |
OldNick
23:28
14.08.2024
#32364
|
Shelf Drilling Ltd kom med sitt Q2-resultat onsdag kveld.
SHLF: Shelf Drilling Reports Second Quarter 2024 Results
Børsmelding
14.08.2024
SHELF DRILLING REPORTS SECOND QUARTER 2024 RESULTS
Dubai, UAE – Shelf Drilling, Ltd. (“Shelf Drilling”, “SDL” and, together with its subsidiaries, the “Company”, OSE:SHLF) announces results for the second quarter of 2024 ended June 30. The results highlights will be presented by audio conference call on August 15, 2024 at 6:00 pm Dubai time / 4:00 pm Oslo time. Dial-in details for the call are included in the press release posted on August 6, 2024 and on page 3 of this release.
David Mullen, Chief Executive Officer, commented: “Since the beginning of the year, we have continued to deliver safe and efficient operations for our customers with a year-to-date TRIR of 0.10 and uptime performance of 99.4%. Our results in the second quarter of 2024 were impacted by lower utilization in Saudi Arabia with the suspension of four of our rigs and the delayed start-up for the Shelf Drilling Barsk, partially offset by our efforts to reduce operating costs.”
Mullen added: “Following the announcement of contract suspensions in early April, we immediately initiated marketing efforts and commenced mobilization of two rigs to West Africa shortly after, with both rigs expected to commence new contracts before the end of 2024. We were disappointed with the delayed regulatory approval for the Shelf Drilling Barsk in Norway, however, we are confident that we will complete this process and commence the rig’s contract in the fourth quarter of 2024. The pending sale of the Baltic standard jack-up rig is a significant positive for the company, representing a favorable asset value and indirectly creating contract opportunities in that region for other rigs in our fleet with near-term availability.”
Mullen concluded: “As announced in February 2024, I will now step down as Chief Executive Officer and move into my new role as Executive Chairman. I am excited about what lies ahead for the company with Greg O’Brien as CEO, and I look forward to continued success for Shelf Drilling.”
Second Quarter Highlights
- Q2-2024 adjusted revenues of $230.8 million.
- Q2-2024 adjusted EBITDA of $71.5 million, representing an adjusted EBITDA margin of 31%, including $(14.0) million adjusted EBITDA from Shelf Drilling (North Sea), Ltd. ("SDNS") and $85.5 million from the rest of the business.
- Q2-2024 net loss attributable to controlling interest of $14.6 million.
- Q2-2024 capital expenditures and deferred costs totaled $38.0 million, including $16.3 million at SDNS.
- The Company’s cash and cash equivalents balance at June 30, 2024 was $138.3 million, including $37.2 million at SDNS. Cash and cash equivalents, excluding SDNS, increased from $88.0 million at March 31, 2024 to $101.1 million at June 30, 2024.
- Contract backlog of $2.1 billion at June 30, 2024 across 33 contracted rigs with weighted average dayrate of $88.6 thousand.
- In June 2024, the Company announced a delay in commencement of the contract for the Shelf Drilling Barsk due to ongoing efforts to obtain regulatory approvals in Norway. The contract is now expected to commence in Q4-2024.
- In June 2024, the Company secured a 15-month contract extension for the Shelf Drilling Tenacious in direct continuation of its current contract in West Africa.
- In July 2024, the Company secured a 17-month contract extension for the Shelf Drilling Winner in direct continuation of its current contract in Denmark, extending the firm commitment period for the rig to August 2026.
- In July 2024, a subsidiary of the Company executed an agreement for the sale of the Baltic rig for $60.0 million. The transaction is expected to close in the third quarter of 2024.
- The Main Pass IV and Shelf Drilling Achiever are currently being mobilized to West Africa and are expected to commence new contracts in the fourth quarter of 2024.
- Financial guidance for the full year 2024 revised; details are included in the "2024 Financial Guidance" section of the Q2 2024 results highlights presentation on our website.
Second Quarter Results
Adjusted revenues were $230.8 million in Q2 2024 compared to $251.5 million in Q1-2024. The $20.7 million (8%) sequential decrease in adjusted revenues was due to lower effective utilization across the fleet, primarily impacted by the suspension of four rigs in Saudi Arabia in Q2-2024.
Effective utilization decreased to 80% in Q2 2024 from 86% in Q1 2024, primarily due to the suspension of operations for four rigs in Saudi Arabia, one rig in West Africa which suffered structural leg damage and the contract completion for one rig in Egypt in February 2024. This was partially offset by two rigs in Nigeria and India that had a full quarter of operations in Q2 2024. Average earned dayrate marginally increased to $82.0 thousand in Q2-2024 from $81.7 thousand in Q1-2024.
Total operating and maintenance expenses decreased by $7.7 million (5%) in Q2-2024 to $141.8 million compared to $149.5 million in Q1-2024. The sequential decrease was primarily due to lower operating costs for two suspended rigs in Saudi Arabia, one rig in India that completed planned shipyard in Q1-2024 and one rig in Egypt which completed its contract in February 2024, as well as costs savings across the fleet, including lower maintenance costs for certain rigs in India and Saudi Arabia. This was partially offset by higher shipyard costs for one rig in Vietnam that commenced operations in Q3-2024 and higher mobilization costs for two suspended rigs in Saudi Arabia that commenced mobilization to West Africa.
General and administrative expenses decreased by $1.8 million in Q2-2024 to $16.2 million as compared to $18.0 million in Q1-2024. The sequential decrease primarily resulted from a decrease in provision for credit losses in Q2-2024 and lower professional fees.
Adjusted EBITDA for Q2-2024 was $71.5 million compared to $80.0 million for Q1-2024. The adjusted EBITDA margin of 31% for Q2-2024 declined as compared to 32% in Q1-2024.
Capital expenditures and deferred costs of $38.0 million in Q2-2024 decreased by $10.5 million from $48.5 million in Q1-2024. This sequential decrease was primarily related to lower spending on one rig in Saudi Arabia and one rig in India which returned to operations or commenced new contract in Q1-2024 and lower expenditures for one rig in Saudi Arabia for which operations were suspended in Q2-2024. This was partially offset by higher contract preparation expenditures for one rig in Norway which is expected to commence contract in Q4-2024.
Q2-2024 ending cash and cash equivalents balance of $138.3 million increased by $36.7 million from $101.6 million at the end of Q1-2024 essentially due to the successful completion of the SDNS debt refinancing transaction. The Q2-2024 ending cash and cash equivalents balance for SDNS was $37.2 million, up from $13.6 million at the end of Q1-2024. The cash and cash equivalents balance for SDL excluding SDNS increased from $88.0 million to $101.1 million during Q2-2024.
The Form 10-Q Equivalent, which includes the Condensed Consolidated Financial Statements, and a corresponding slide presentation to address the results highlights for Q2-2024 are available on the Company’s website.
For further queries, please contact:
Greg O'Brien, Shelf Drilling, Ltd., tel. +971 4567 3616, E-mail: greg.obrien@shelfdrilling.com
SHLF: Q2-2024 Report (PDF)
SHLF: Q2-2024 Presentation (PDF)
SHLF: Drilling Fleet Status (PDF)
SHLF: Investor relations |
highlander
04:08
15.08.2024
#48223
|
Det har kommet et par analyseoppdateringer etter andrekvartalsrapporten, jf. OldNick #32364.
Arctic Securities nedjusterer kursmålet på Shelf Drilling fra 38 til 34 kroner, og Fearnley Securities fra 37 til 35 kroner.
Begge meglerhusene gjentar samtidig sin kjøpsanbefaling på aksjen. |
highlander
22:55
02.09.2024
#48479
|
DNB Markets ser grunnlaget for en lengre og mer stabil oppgangssyklus innen oljeservice, og mener at investorenes vilje til å prise inn en lengre syklus, med verdsettelsesfokus som flytter seg til 2026 og videre, vil være en katalysator for sektoren. Toppvalgene er Subsea 7, Seadrill, Odfjell Drilling, Ventura og Paratus.
Det fremgår av en sektorrapport fra meglerhuset, ifølge TDN.
Blant de norske selskapene høynes kursmålet på Odfjell Drilling til 100 kroner pr aksje, fra 85 kroner.
DNB Markets hadde tidligere ingen anbefaling på Dolphin Drilling, som nå får en hold-anbefaling med kursmål 4,2 kroner pr aksje.
For øvrig gjentar meglerhuset kjøpsanbefaling på følgende aksjer: Borr Drilling med kursmål 95 kroner, Shelf Drilling med kursmål 40 kroner og Shelf Drilling North Sea med kursmål 40 kroner. |
highlander
10:10
16.09.2024
#48659
|
Shelf Drilling (SHLF) og Shelf Drilling (North Sea) (SDNS) har inngått en avtale og fusjonsplan, der SDNS vil bli et heleid datterselskap av SHLF.
Det fremgår av en melding mandag.
Som en del av den foreslåtte fusjonen vil aksjonærene i SDNS (andre enn SHLF, SDNS eller noen av deres direkte eller indirekte datterselskaper) motta som vederlag for hver SDNS-aksje: 1,05 aksjer i SHLF og et kontantvederlag på 8,0 kroner pr SDNS-aksje.
Dette representerer et totalt vederlag på 25,90 kroner pr SDNS-aksje, og tilsvarer en egenkapitalverdi for SDNS på omtrent 2,6 milliarder kroner, basert på en verdi pr SHLF-aksje på 17,05 kroner, tilsvarende sluttkursen på Oslo Børs pr 13. september 2024. Det totale kontantelementet i fusjonsvederlaget utgjør omtrent NOK-ekvivalenten av 30 millioner dollar.
Fusjonsvederlaget representerer en premie på 13 prosent i forhold til markedsutvekslingsforholdet basert på sluttkursene for SHLF- og SDNS-aksjer pr 13. september 2024.
Det forventes at omtrent 42 millioner nye aksjer i SHLF vil bli utstedt som vederlag for den foreslåtte fusjonen.
Etter fullføringen av transaksjonen vil eksisterende SHLF-eiere eie omtrent 84 prosent av SHLF, mens SDNS-aksjonærer (andre enn SHLF) vil eie omtrent 16 prosent av SHLF.
Aksjonærer i SDNS, som representerer godt over de nødvendige stemmerettighetene for å godkjenne den foreslåtte fusjonen, har forpliktet seg til å stemme for de nødvendige vedtakene for å godkjenne fusjonen på en generalforsamling i SDNS, som forventes i oktober 2024. Styremedlemmene i SDNS som anses som uavhengige av SHLF har godkjent og anbefalt den foreslåtte fusjonen, opplyses det.
Sammenslåingen vil fullt ut konsolidere SHLFs jackup-flåte, løse det tidligere kunngjorte finansieringsgapet i SDNS på en effektiv måte, og gjøre det mulig for SHLF å gi full støtte til SDNS fremover. Det sammenslåtte selskapet vil dra nytte av en forenklet kapitalstruktur, mens investorer bør dra nytte av en mer likvid og omsettelig aksje.
Den foreslåtte fusjonen er strukturert som en trekantfusjon mellom et indirekte datterselskap av SHLF (SHLF MergCo), SDNS (som den overlevende enheten i den foreslåtte fusjonen), og SHLF som utsteder av fusjonsvederlaget, som beskrevet nedenfor.
-Å kombinere Shelf Drilling North Sea med Shelf Drilling oppfyller vår ambisjon om å strømlinjeforme Shelf Drilling-selskapsstrukturen. Kombinasjonen gir en ren investeringsmulighet med eksponering mot en unikt posisjonert jackup-flåte og plattform som betjener kunder i regionene hvor vi opererer. Transaksjonen forbedrer Shelf Drillings flåte med fire premium jackups og én ultra-harsh jackup, og tillater Shelf Drilling å finansiere det 40 millioner dollar store finansieringsbehovet i Shelf Drilling North Sea på en effektiv måte. Videre forventer vi at aksjonærene i det sammenslåtte selskapet vil få bedre likviditet i handelen og bedre tilgang til kapitalmarkedene. Denne transaksjonen understreker vår forpliktelse til å skape verdi for alle våre interessenter og er i tråd med vårt fokus på å være markedsleder i sentrale jack-up-regioner globalt, sier administrerende direktør Greg O'Brien i Shelf Drilling. (Newsweb, TDN) |
highlander
21:46
18.09.2024
#48697
|
Fearnley Securities nedjusterer kursmålet på Shelf Drilling til 34 kroner pr aksje, fra 36 kroner, og gjentar en kjøpsanbefaling.
Det fremgår av en oppdatering fra meglerhuset onsdag.
"Ettersom vi har konsolidert Shelf Drilling North Sea er endringene i estimatene våre begrenset til den lavere kontantbeholdningen knyttet til det ventende oppkjøpet, sammen med to og fem prosent lavere ebitda-estimat for henholdsvis 2025 og 2026, for å åpne for litt mer lediggang", skriver Fearnley ifølge TDN. |
highlander
06:33
26.09.2024
#48797
|
Sparebank 1 Markets gjentar sin kjøpsanbefaling på Shelf Drilling i en oppdatering.
Imidlertid nedjusterer meglerhuset kursmålet fra 38 til 32 kroner. |
OldNick
11:10
04.10.2024
#32806
|
SHLF: SHELF DRILLING ANNOUNCES CLOSING OF THE SALE OF THE BALTIC RIG
Børsmelding
23.09.2024
Dubai – Reference is made to the announcement by Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE:SHLF) on July 30, 2024 regarding the agreement to sell the jack-up rig Baltic for total consideration of USD 60 million. Today, the Company announces completion of the sale of the Baltic and receipt of funds.
With reference to the previous press release, the buyer intends to deploy the rig on a multi-year, plug and abandonment (“P&A”) program in Malaysia, and Shelf Drilling has agreed to provide rig management and operations support to the buyer for the upcoming P&A campaign.
For further information, please contact:
E-mail: communications@shelfdrilling.com
______
SHLF: Shelf Drilling, Ltd. and Shelf Drilling (North Sea), Ltd. – Key dates for Completion of Merger
Børsmelding
04.10.2024
Dubai – Reference is made to the stock exchange announcement as of 16 September 2024 regarding an agreement and plan of merger entered into between Shelf Drilling, Ltd. ("Shelf Drilling"), an indirect subsidiary of Shelf Drilling (“MergerSub”), and Shelf Drilling (North Sea), Ltd. ("Shelf Drilling North Sea") whereby pursuant to the contemplated merger of MergerSub with and into Shelf Drilling North Sea, Shelf Drilling North Sea will become a wholly owned subsidiary of Shelf Drilling (the “Proposed Merger”).
Reference is also made to the subsequent announcement related to the notice for the Special General Meeting in Shelf Drilling North Sea to approve the Proposed Merger.
It is currently expected that completion of the Proposed Merger will occur on 11.10.2024.
Key dates and information for the completion of the Proposed Merger will then be as follows:
- Last day of trading in Shelf Drilling North Sea including right to merger consideration: 11.10.2024
- Effective date for completion of the Proposed Merger: 11.10.2024 (after close of trade)
- First day of trading in Shelf Drilling as the "combined company": 14.10.2024
- Record date for delivery of the merger consideration: 15.10.2024
- Delivery of consideration shares to eligible shareholders of Shelf Drilling North Sea: 16.10.2024
- Payment of cash consideration to eligible shareholders of Shelf Drilling North Sea: 18.10.2024
- ISIN (Shelf Drilling, Ltd., unchanged): KYG236271055
- Merger consideration: Eligible Shelf Drilling North Sea shareholders will for each Shelf Drilling North Sea share held per the record date receive:
-- 1.05 shares in Shelf Drilling (subject to rounding), and
-- NOK 8.00 in cash
Date of approval: 10.10.2024 (Special General Meeting in Shelf Drilling North Sea)
Following the completion of the Proposed Merger the issued share capital of Shelf Drilling will be up to USD 2 556 909.17, with up to 255 690 917 common shares being issued, (depending on the rounding of the consideration shares to be issued) and the issued share capital of Shelf Drilling North Sea will be USD 600 001, with 60 000 100 common shares being issued. The final issued share capital of Shelf Drilling following the Proposed Merger will be published by Shelf Drilling on the record date.
Pursuant to a decision by the Oslo Stock Exchange, Shelf Drilling North Sea will continue to be listed on Euronext Growth Oslo following the Proposed Merger (as a wholly owned subsidiary of Shelf Drilling).
Following the effective date of the Proposed Merger (11.10.2024), shareholders of Shelf Drilling North Sea, except shareholders being part of the Shelf Drilling group, will cease to have any rights to shares in Shelf Drilling North Sea. However, this will not necessarily be visible to such shareholders through various brokerage systems until after the record date (15.10.2024), in line with the standard T+2 settlement cycle in Euronext VPS. Consequently, and to avoid any uncovered trades, the Oslo Stock Exchange will suspend trading in Shelf Drilling North Sea on T+1 and T+2 (14.10 and 15.10.2024).
Further information related to the Proposed Merger will be included in an Exempted Document, to be published by the effective date.
For further information, please contact:
E-mail: investor.relations@shelfdrilling.com |
OldNick
15:52
10.10.2024
#32875
|
SHLF: Shelf Drilling Announces New Contracts in West Africa
Børsmelding
10.10.2024
Dubai – Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE:SHLF) announced today new contracts for two jack-up rigs in Nigeria. With reference to the press release dated Sept. 06, 2024 regarding the award in West Africa, the Company has now fully executed a three-year contract for the Shelf Drilling Achiever jack-up rig for operations offshore Nigeria. The planned start-up of operations is October 2024, and the contract also includes an option for up to two years at rates to be mutually agreed. In addition, Shelf Drilling has secured a two-year extension for the Adriatic I jack-up rig commencing February 2025 in direct continuation of the rig’s current contract in Nigeria, plus an additional one-year option. The combined contract value for the five-year total firm period added for the two rigs, excluding mobilization and demobilization revenue, is USD 234 million.
Greg O’Brien, Chief Executive Officer, said, “These contracts in Nigeria contribute significant backlog and revenue visibility for Shelf Drilling in 2025 and beyond. We look forward to delivering continued strong safety and operating performance with the Adriatic I following many years of continuous activity in Nigeria and successfully bringing the Shelf Drilling Achiever into operations later this month.”
Additional information about Shelf Drilling can be found at https://www.shelfdrilling.com
Contact details:
E-mail: communications@shelfdrilling.com |
OldNick
22:12
11.10.2024
#32896
|
SHLF: Shelf Drilling, Ltd. and Shelf Drilling (North Sea), Ltd. - Completion of Acquisition
Børsmelding
11.10.2024
Dubai – Reference is made to the stock exchange announcement as of Sept. 16, 2024 regarding an agreement and plan of merger (the “Merger Plan”) entered into between Shelf Drilling, Ltd. (“Shelf Drilling”), an indirect subsidiary of Shelf Drilling (“MergerSub”), and Shelf Drilling (North Sea), Ltd. (“Shelf Drilling North Sea”) whereby pursuant to the merger of MergerSub with and into Shelf Drilling North Sea, Shelf Drilling North Sea would become a wholly owned subsidiary of Shelf Drilling (the “Merger”).
Reference is also made to the subsequent announcement as of Sept. 18, 2024, related to the notice for the Special General Meeting of Shelf Drilling North Sea to approve the Merger Plan, the Statutory Merger Agreement (as defined therein) and the Merger (together, the “Merger Proposal”) and the announcement as of Oct. 10, 2024 related to the adoption of and approval of the Merger Proposal by the Special General Meeting of Shelf Drilling North Sea.
The Merger has today been registered by the Bermuda Registrar of Companies and the certificate of merger for the Merger has been issued by the Bermuda Registrar of Companies. On that basis, Shelf Drilling and Shelf Drilling (North Sea) are pleased to confirm that the Merger has now been formally completed.
As announced in the stock exchange announcement as of Oct. 4, 2024, containing “key dates” for the Merger, the merger consideration shares will be delivered to the eligible Shelf Drilling North Sea shareholders on Oct. 16, 2024. The share consideration of 1.05 shares in Shelf Drilling for each Shelf Drilling North Sea share held per the record date will be rounded downwards to the nearest whole number of shares. The cash consideration will be paid to Shelf Drilling North Sea shareholders on Oct. 18, 2024.
Monday, Oct. 14, 2024, will be the first day of trading of the combined company on the Oslo Stock Exchange under the “SHLF” ticker.
The updated share capital and number of issued shares of Shelf Drilling following the completion of the Merger will be published following the record date (as the number is dependent on the rounding of the consideration shares to be issued).
For further information, please contact:
E-mail: investor.relations@shelfdrilling.com |
OldNick
23:47
04.11.2024
#33116
|
SHLF: Shelf Drilling Announces Two Contract Extensions in Thailand
Børsmelding
04.11.2024
Dubai – Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE:SHLF) announced today that it has secured contract extensions for the Shelf Drilling Chaophraya and Shelf Drilling Krathong jack-up rigs with Chevron Thailand Exploration and Production, Ltd. for operations offshore Thailand. Both extensions are for a firm period of two-years. The combined contract value for the incremental firm term is approximately USD 197 million. The contract extensions will commence in the second half of 2025 in direct continuation of the rigs’ current commitments.
Greg O’Brien, CEO, commented: "These rigs were custom built with unique offline capabilities for Chevron’s factory-style operations in the Gulf of Thailand. We thank Chevron for their continued trust in Shelf Drilling as we work together to achieve operational excellence."
Contact details:
E-maiL: communications@shelfdrilling.com. |
OldNick
01:46
19.11.2024
#33268
|
Shelf Drilling Ltd kom med sitt Q3-resultat forrige onsdag.
SHLF: Shelf Drilling Reports Q3-2024 Results
Børsmelding
13.11.2024
Dubai, UAE – Shelf Drilling, Ltd. (“Shelf Drilling”, “SDL” and, together with its subsidiaries, the “Company”, OSE:SHLF) announces results for Q3-2024 ended Sept. 30. The results highlights will be presented by audio conference call on Nov. 14, 2024 at 6:00 pm Dubai time/3:00 pm Oslo time.
Greg O’Brien, Chief Executive Officer, commented:
“During Q3-2024, our Adjusted EBITDA increased to $114 million, primarily due to the acceleration of mobilization revenue for two suspended rigs in Saudi Arabia. As anticipated, we were impacted by a lower level of utilization with a few rigs preparing for new contracts.”
O’Brien added: “Since the end of the second quarter, we have achieved several important milestones. We secured firm contract awards totaling $558 million across West Africa, Southeast Asia and the North Sea, which included a multi-year contract which commenced in late October 2024 for one rig redeployed from Saudi Arabia to West Africa, where we see additional attractive opportunities for our rigs. We received regulatory approval for the Shelf Drilling Barsk to return to operations and commence its long-term contract in Norway as well as closed the sale of the Baltic. Lastly, in October, we successfully completed the acquisition of Shelf Drilling North Sea, which simplifies our capital structure, improves our cash flow profile and significantly enhances our fleet composition on a fully consolidated basis. While the rig suspensions in Saudi Arabia have created some short-term challenges and uncertainty, we are confident that our strong customer relationships, proven operating track record and leading position in key markets will allow us to capitalize on the right long-term opportunities in our sector."
Third Quarter Highlights and Subsequent Events
- Q3-2024 adjusted revenues of $264.7 million, including $45.2 million for the acceleration of mobilization revenue on two suspended rigs in Saudi Arabia related to future years.
- Q3-2024 adjusted EBITDA of $114.2 million, representing an adjusted EBITDA margin of 43%, including $(4.9) million adjusted EBITDA from Shelf Drilling (North Sea), Ltd. ("SDNS") and $119.1 million from the rest of the business.
- Q3-2024 net income attributable to controlling interest of $67.5 million.
- Q3-2024 capital expenditures and deferred costs totaled $34.9 million, including $9.2 million at SDNS.
- The Company’s cash and cash equivalents balance at September 30, 2024 was $220.1 million, including $26.6 million at SDNS.
- In Sept. 2024, the Company sold the Baltic rig for total net proceeds of $56.5 million.
- In Sept. 2024, the Company secured a contract for the Shelf Drilling Mentor covering 10 wells and an estimated duration of 450 days in direct continuation of its current contract in Nigeria.
- In Oct. 2024, the Company obtained the regulatory approvals for the Shelf Drilling Barsk rig in Norway, and the contract is expected to commence in Nov. 2024.
- In October 2024, the Company acquired the remaining 40% shares in SDNS by issuing 42.0 million shares of SDL stock and cash of $30.1 million to previous SDNS shareholders. SDNS has become a wholly owned subsidiary of SDL upon completion of the transaction. Total SDL issued and outstanding common shares at the completion of transaction are 255.7 million.
- In October 2024, a $50.0 million settlement and release agreement was signed with the insurance underwriters declaring the Trident VIII rig a total loss.
- Subsequent to September 30, 2024, the Company secured the following new contract awards and extensions:
– Three-year contract, with a two-year option for the Shelf Drilling Achiever which commenced in late October 2024.
– Two-year contract extension, with a one-year option for the Adriatic I rig expected to commence in February 2025.
– Two-year contract extensions commencing in H2 2025 in Thailand for the Shelf Drilling Chaophraya and the Shelf Drilling Krathong, in direct continuation of their current contracts.
- Financial guidance for the full year 2024 revised; details are included in the "2024 Financial Guidance Revised" section of the Q3 2024 results highlights presentation on our website.
Third Quarter Results
Adjusted revenues were $264.7 million in Q3-2024 compared to $230.8 million in Q2-2024. The $33.9 million (15%) sequential increase in adjusted revenues was driven by the acceleration of mobilization revenue on two rigs for which operations were suspended in Saudi Arabia, partially offset by lower effective utilization.
Effective utilization decreased to 77% in Q3-2024 from 80% in Q2-2024, primarily due to the suspension of five rigs in Saudi Arabia, planned maintenance and shipyard for one rig in Saudi Arabia and the sale of one rig in Sept. 2024 previously operating in West Africa. This was partially offset by the commencement of a new contract for one rig in Vietnam in Aug. 2024. Average earned dayrate marginally decreased to $81.8 thousand in Q3-2024 from $82.0 thousand in Q2-2024.
Total operating and maintenance expenses decreased by $9.2 million (6%) in Q3-2024 to $132.6 million compared to $141.8 million in Q2-2024. The sequential decrease was primarily due to lower operating costs for four suspended rigs in Saudi Arabia, two rigs in West Africa, one that suffered structural leg damage and one that was sold in Sept. 2024, and lower shipyard costs for one rig in Vietnam that commenced operations in Q3-2024. This was partially offset by higher mobilization costs for one rig which commenced a new contract in West Africa in late Oct. 2024.
General and administrative expenses increased by $0.4 million in Q3-2024 to $16.6 million as compared to $16.2 million in Q2-2024. The sequential increase was primarily due to a net increase in provision for credit losses and certain one-time costs related to the SDNS merger transaction, partially offset by a decrease in compensation and benefit expenses.
Adjusted EBITDA for Q3-2024 was $114.2 million compared to $71.5 million for Q2-2024. The adjusted EBITDA margin of 43% for Q3-2024 increased as compared to 31% in Q2-2024. The significant increase in Adjusted EBITDA resulted primarily from the acceleration of mobilization revenues on two suspended rigs in Saudi Arabia.
Capital expenditures and deferred costs of $34.9 million in Q3-2024 decreased by $3.1 million from $38.0 million in Q2-2024. This sequential decrease was primarily due to lower contract preparation expenditures for one rig in Vietnam which commenced a new contract in Q3-2024 and one rig in Norway expected to commence a new contract in Nov. 2024 and lower spending on fleet spares. This was partially offset by higher contract preparation expenditures for one rig in West Africa and one rig in the United Kingdom that commenced new contracts in Sept. 2024, higher spending for one rig in West Africa expected to start operations in Dec. 2024 and planned maintenance and shipyard costs for one rig in Saudi Arabia.
Q3-2024 ending cash and cash equivalents balance was $220.1 million. The increase of $81.8 million from $138.3 million at the end of Q2-2024 was primarily due to the receipt of net proceeds of $56.5 million for the sale of the Baltic rig and lower debt service payments in Q3-2024.
For further queries, please contact:
Douglas Stewart, Executive Vice President and Chief Financial Officer, Shelf Drilling, Ltd., tel.: +971 4567 3400, E-mail: douglas.stewart@shelfdrilling.com
SHLF: Q3-2024 Report (PDF)
SHLF: Q3-2024 Presentation (PDF)
SHLF: Q3-2024 Conference call webcast
SHLF: Drilling Fleet Status (PDF)
SHLF: Investor relations |
OldNick
12:48
02.12.2024
#33416
|
SHLF: Shelf Drilling Announces Contract Update
Børsmelding
22.11.2024
Dubai – Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE:SHLF) announces that it has received a notice of suspension of operations of the High Island II rig from a customer in the Middle East. The commencement date of the suspension is expected to be in the coming weeks. During the suspension period Shelf Drilling will have the right to actively market the rig to other customers and opportunities and to terminate the contract.
______
SHLF: Shelf Drilling Primary Insider Notification
Børsmelding
25.11.2024
Dubai, November 27, 2024: Greg O’Brien, Chief Executive Officer and primary insider, has acquired 250,000 shares in Shelf Drilling, Ltd.
[Kommentar: 1 vedlegg på link]
______
SHLF: Shelf Drilling Secures an Award for the Main Pass IV Jack-up Rig
Børsmelding
02.12.2024
Dubai – Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE:SHLF) announced today an award for the Main Pass IV jack-up rig for operations offshore Nigeria. The firm term of the contract is approximately two years. The contract is scheduled to begin in December 2024. |
highlander
05:36
27.04.2025
#49851
|
Fearnley Securities kutter kursmål på riggaksjer og nedgraderer sin anbefaling på Shelf Drilling til hold fra kjøp med et kursmål på 7 kroner, ned fra tidligere 22 kroner.
Det fremgår av en sektoranalyse fra meglerhuset ifølge TDN.
Fearnley forventer at riggetterspørselen vil bli skjøvet ut i tid med både geopolitisk- og makrousikkerhet, noe som også legger press på oljeprisene.
Med svak etterspørsel venter meglerhuset økende riggledigtid, og nedjusterer dagrate-anslagene gjennom 2026 for sjette- og syvendegenerasjons flytere med omtrent 50.000 dollar, og med 0-20.000 dollar pr dag for premium jackups (regionavhengig). Fearnley antar også at noen inkrementelle rigger legges i opplag.
"Alt i alt, senker vi våre 2025 ebitda-estimater for gruppen med akkumulert 4 prosent og våre 2026 ebitda-estimater med 10 prosent. Etter dette, er våre 2025 og 2026 ebitda-estimater henholdsvis 4 og 15 prosent under Factset-konsensus", skriver Fearnley Securities.
Oversikt over meglerhusets anbefalinger og kursmål (tidligere anbefaling/kursmål i parentes):
SELSKAP ANBEFALING KURSMÅL
Constellation Kjøp 7 (N/A)
Deep Value Driller Kjøp 19 (20)
Dolphin Drilling Hold 3,1 (3,2)
Northern Ocean Kjøp 8 (11)
Odfjell Drilling Kjøp 82 (89)
Shelf Drilling Hold (Kjøp) 7 (22)
Ventura Offshore Holding Kjøp 32 (41) |
highlander
18:41
03.06.2025
#49940
|
Sparebank 1 Markets nedjusterer kursmålene på flere olje-. oljeservice og riggaksjer ifølge en sektoroppdatering tirsdag.
"Reflekterende til et svakt makroøkonomisk bakteppe, har vi senket våre oljeprisprognoser for 2025 og 2026 til henholdsvis 67 dollar pr fat (fra 70) og 70 dollar pr fat (fra 75). Selv om vi ikke forventer en kortsiktig bedring og forventer fortsatt overforsyning, kan noen få faktorer gi støtte: Nåværende oljepriser er godt under det inflasjonsjusterte historiske gjennomsnittet, og estimatene for 2026 call on OPEC-volumer kan ha bunnet ut", skriver Sparebank 1 Markets ifølge TDN.
I sektoren fremhever meglerhuset Vår Energi som sitt toppvalg, og mener den underpresterende utviklingen hittil i år, sammenlignet med visse sammenlignbare selskaper, rettferdiggjør en mer fremoverlent holdning. Sparebank 1 Markets erkjenner samtidig Aker BPs høye kvalitet og sterke balanse, samt Equinors defensive egenskaper, sannsynligvis er bedre i et risk off-scenario.
"Med en utbytteavkastning på 17 prosent, økende produksjon og 11 års eiendelslevetid på 2P-reserver, mener vi imidlertid at for mye negativitet er innregnet i aksjekursen. En overgang til Vår ser attraktiv ut", skriver Sparebank 1 Markets.
Videre anslår meglerhuset fortsatt stabile driftsinvesteringer i E&P-sektoren for 2025, men forventer nå en nedgang på 5 prosent i 2026 sammenlignet med året før.
"Dette gjenspeiler en lavere oljepris nært utbytte break-even (vi anslår den til rundt 62 dollar pr fat), og våre forventinger om at utbytte prioriteres fremfor investeringsplaner. I tillegg tror vi E&P vil dra nytte av et svakere sentiment til å presse prisene ned", skriver meglerhuset.
De tror videre at oljeselskapenes investeringer er flate i 2025 og vil falle 5 prosent i 2026. I oljeservicesektoren er Subsea 7 og Odfjell Drilling toppvalg, med kursmål på henholdsvis 200 kroner og 95 kroner. TGS er nedgradert til selg og Dof Group til nøytral.
Meglerhuset gir oljeselskapene, riggselskapene og oljeserviceselskapene de følger følgende kursmål (tidl. i parentes) og anbefalinger:
Equinor NOK 290 (320), kjøp
Aker BP NOK 270 (280), kjøp
BlueNord NOK 700 (775), kjøp
BW Energy NOK 33 (35), nøytral
DNO NOK 15 (17), kjøp
IPC SEK 175 (200), kjøp
Okea NOK 22 (26), kjøp
Panoro Energy NOK 33 (38), kjøp
Petronor NOK 11 (12), nøytral
Vår Energi NOK 37 (39), kjøp
Questerre NOK 2, nøytral
Odfjell NOK 95, kjøp
Noble USD 26 (28), kjøp
Seadrill USD 32 (33), kjøp
SED Energy Holdings (Seabird) NOK 8,5 (7,5), kjøp
Transocean USD 3,25 kjøp
Northern Ocean NOK 8 (10), kjøp
Deep Value Driller NOK 20, kjøp
Borr Drilling USD 2 (2,2), kjøp
Shelf Drilling NOK 13 (16), kjøp
Valaris USD 38 (35), nøytral
TGS NOK 60 (140), selg (kjøp)
DOF Group NOK 95 (125), nøytral (kjøp)
Subsea 7 NOK 200 (240), kjøp
Aker Solutions NOK 32 (37), nøytral
Odfjell Technology NOK 65, kjøp
ABL Group NOK 12, kjøp
Akastor NOK 18, kjøp |
highlander
13:12
16.06.2025
#49982
|
Pareto Securities tar opp dekning av Shelf Drilling med en hold-anbefaling og et kursmål på 8 kroner pr aksje.
"Med en overvekt av eldre rigger og en balanse preget av høy gjeld, tilbyr Shelf Drilling høy operasjonell og finansiell giring mot jackup-markedet. Gitt fortsatt prispress i jackup-markedet anser vi Shelf som en "out-of-the-money"-opsjon", skriver meglerhuset ifølge TDN. |
OldNick
21:00
17.06.2025
#34891
|
SHLF: Shelf Drilling Reports Q4-2024 Results
Børsmelding
03.03.2025
SHLF: Q4-2024 Report (PDF)
SHLF: Q4-2024 Presentation (PDF)
SHLF: Q4-2024 Conference call webcast
SHLF: Drilling Fleet Status (PDF)
SHLF: 2024 Annual Report (PDF)
SHLF: Investor relations
______
SHLF: Shelf Drilling Announces Contract Update in North Sea
Børsmelding
03.04.2025
Dubai – Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”) announces today that it has received a notice of contract termination for the Shelf Drilling Winner from the customer, TotalEnergies EP Denmark A/S (“TotalEnergies”). Under the notice and in accordance with the contract, the termination shall be effective during August 2025.
The Shelf Drilling Winner has consistently delivered outstanding operational and safety performance while under contract with TotalEnergies. The rig’s contract was originally scheduled to conclude in August 2026, subject to two additional options to extend further into late 2027. However, following a thorough evaluation of the original schedule, TotalEnergies has informed that the rig will be released in summer 2025 after completion of the final scheduled well activities, due to changes in the 2025 work program.
Shelf Drilling will continue to focus on delivering operational excellence during the remainder of the term and will actively market the rig for future opportunities.
______
Shelf Drilling Ltd kom med sitt Q1-2025 resultat 12 mai.
SHLF: Shelf Drilling Reports Q1-2025 Results
Børsmelding
12.05.2025
Dubai, UAE – Shelf Drilling, Ltd. (“Shelf Drilling”, “SDL” and, together with its subsidiaries, the “Company”) announces results for the first quarter of 2025 ended March 31.
Greg O’Brien, Chief Executive Officer, commented:
“During the first quarter of 2025, Shelf Drilling delivered excellent operating and financial results. With total fleet uptime of 99.4% for the quarter, we continued our strong level of operational efficiency from 2024 demonstrating the execution capabilities of our offshore and onshore teams. Adjusted EBITDA increased sequentially to $96 million, representing a 40% margin, primarily due to the Shelf Drilling Barsk and the Main Pass IV operating for a full quarter in Norway and Nigeria, respectively, following the rig contract commencements in the prior quarter. Our quarterly capital spend was reduced to $16 million, which also contributed to strong cash flow generation.
Following the recent announcement of the early contract termination for the Shelf Drilling Winner in Denmark, we have revised our financial guidance for full year 2025. Adjusted EBITDA is now estimated to be between $310 and $360 million, down $20 million compared to our initial guidance provided earlier this year. However, we have identified savings across the fleet and lowered our 2025 capital spending guidance range by $25 million. Therefore, we expect to be in a better cash position at the end of the year than originally anticipated and maintain strong liquidity through 2026.”
O’Brien added: “The recent macroeconomic developments have contributed to reduced commodity price levels and created some market uncertainty. The contract suspensions in the Middle East during 2024 continue to impact the global jack-up market with further dayrate pressure seen in recent months. We have a solid pipeline of near-term contract opportunities for our rigs with availability in 2025 and 2026 and are also focused on identifying ways to further optimize our cost structure. We remain committed to delivering safe and reliable services and providing best-in-class operations to our customers, leveraging our unique operating platform. We believe we are very well positioned to navigate the current market challenges and capitalize on the positive long-term outlook in our sector.”
First Quarter Highlights
- Q1-2025 adjusted revenues of $242.7 million.
- Q1-2025 adjusted EBITDA of $96.2 million, representing an adjusted EBITDA margin of 40%, including $28.0 million adjusted EBITDA from Shelf Drilling (North Sea), Ltd. ("SDNS") and $68.2 million from the rest of the business.
- Q1-2025 net income of $13.7 million.
- Q1-2025 capital expenditures and deferred costs totaled $15.5 million.
- The Company’s cash and cash equivalents balance at March 31, 2025 was $206.6 million.
- Financial guidance for the full year 2025 has been revised and is included in the "2025 Financial Guidance" section of the Q1-2025 results highlights presentation on our website.
Key rig updates include:
– High Island II was redeployed to West Africa with expected contract commencement in Q2-2025.
– Shelf Drilling Victory was redeployed to West Africa for new contract opportunities.
– Trident 16 contract in Egypt was extended until August 2025.
– Main Pass I was divested in Q1-2025 for non-drilling applications.
mer på link
For further queries, please contact:
Douglas Stewart, Executive Vice President and CFO, Shelf Drilling, Ltd., tel. +971 4567 3400, E-mail: douglas.stewart@shelfdrilling.com
SHLF: Q1-2025 Report (PDF)
SHLF: Q1-2025 Presentation (PDF)
SHLF: Q1-2025 Conference call webcastc (.MP3)
SHLF: Drilling Fleet Status (PDF)
______
Onsdag morgen, 21 mai (for 4 uker siden), kunne vi lese følgende børsmelding fra Shelf Drilling.
SHLF: Potential block purchase of existing shares in Shelf Drilling by a financial investor
Børsmelding
21.05.2025
An undisclosed financial investor (the “Buyer”) has engaged ABG Sundal Collier (the "Manager") to explore a potential block purchase of up to approximately 12.8m shares in Shelf Drilling (the "Company"), representing approximately 5% of the outstanding shares (the "Offering"). The Buyer reserves the right, at its sole discretion, to increase or reduce the size of the Offering (among other depending on the final Offering price) or to purchase no shares at all.
The Offering will be conducted as a reverse bookbuilding process in which all existing shareholders in the Company (who may legally offer shares without the requirement for any prospectus, offer document or other measures) are invited to sell shares to the Buyer at a price level defined by the respective selling shareholders by contacting the Manager (please find relevant contact details below). The final Offering price will be set based on the sales orders received at a level representing a satisfactory price and volume level (to be determined by the Buyer at its sole discretion).
The final purchase price will be identical for all selling shareholders.
The reverse bookbuilding period commences at 09:00 CEST and is expected to close at 16:30 CEST today (21.05.2025). The result of the Offering (including the final Offering size and Offering price) is expected to be published before opening of markets on 22.05.2025.
mer på link
______
SHLF-kursen hadde sluttet på 5.55 per aksje tirsdag 20 mai.
En slik melding satte selvfølgelig fyr på SHLF-kursen, som avsluttet onsdagen på 6.40 per aksje.
Det ble også prisen den "ukjente" investoren måtte betale, men han nøyde seg med å få kjøpt snaut 2 mill. SHLF-aksjer.
På tross av det, ble denne manøveren en boost for SHLF-kursen, som idag 17/6 sluttet på 8.15 per aksje, hvilket er nesten 50% opp fra 5.55, og investoren har hittil fått en bra, relativ avkastning på investeringen sin.
SHLF: Result of potential block purchase of existing shares in Shelf Drilling
Børsmelding
22.05.2025
Reference is made to the stock exchange notification released on 21.05.2025 regarding a potential block purchase of shares in Shelf Drilling (the “Company”).
The Buyer purchased a total of 1 986 201 shares, equivalent to 0.84% of the Company at a price per share of NOK 6.40.
No disclosure thresholds were crossed in connection with the purchase.
Endret 21:00 17.06.2025 av OldNick |
OldNick
10:05
05.08.2025
#35189
|
Shelf Drilling Ltd presenterte et oppkjøpstilbud idag fra et konkurrerende selskap - ADES International Holding, Ltd., som er et saudisk boreselskap, registrert på Cayman Islands (ser det ut til).
Budet er et kontantbeløp på 14 per SKLF-aksje.
Ades har også en flåte av jackups, litt større enn Shelf sin flåte.
SHLF: Recommended offer by ADES International Holding, Ltd. to acquire all outstanding shares of Shelf Drilling, Ltd. by way of a cash merger
Børsmelding
05.08.2025
[Kommentar: 1 vedlegg på link]
______
Saudiarabisk selskap vil kjøpe Shelf Drilling for 3.9 mrd. kroner
Det tilsvarer en kostpris på 14 kroner per aksje. Styret anbefaler aksjonærene å ta tilbudet.
Daniel N. Gussiås, E24.no
05.08.2025
[Kommentar:
Shelf Drilling har vært en økonomisk katastrofe for investorer som deltok i børs-IPO'en i 2018.
Hvis man blar tilbake til første innlegg i denne tråden, ser man at selskapet greide å få solgt 32.3 mill nye SHLF-aksjer til 65.35 per aksje, og hentet inn et beløp på over 2.1 mrd. kroner.
Etter en volativ børsperiode for olje, oljeservice og SHLF, har kursen blitt handlet mellom over 60 (etter IPO) til under 2 kr. under crashet i 2020. Deretter steg kursen igjen til over 30 per aksje i 2023, for deretter å følge oljeprisene ned igjen til å være handlet mellom 5 og 20 kr. per aksje siste året.]
Endret 10:07 05.08.2025 av OldNick |
OldNick
19:12
07.08.2025
#35204
|
SHLF: Shelf Drilling Announces New Short-Term Contract and Extension
Børsmelding
07.08.2025
Dubai, – Shelf Drilling, Ltd. announced today the award of a short-term contract for the Shelf Drilling Enterprise and a contract extension for the Trident 16.
The Shelf Drilling Enterprise has secured a contract for one firm well in Vietnam, with an estimated duration of three months. The rig recently completed its previous campaign in Thailand in late July, and operations in Vietnam are expected to begin in early October 2025 shortly after mobilization.
The Trident 16 has been awarded a three-month extension in direct continuation of its current contract for operations in the Gulf of Suez offshore Egypt, with the rig now firm until November 2025.
The estimated combined value of these two awards is approximately USD 14 million.
Greg O’Brien, CEO, commented:
“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.”
______
Shelf Drilling kom med sitt Q2-resultat idag.
SHLF: Shelf Drilling Reports Q2-2025 Results
Børsmelding
07.08.2025
Dubai, UAE – Shelf Drilling, Ltd. announces results for Q2-2025 ended June 30, 2025.
Greg O’Brien, Chief Executive Officer, commented:
“Shelf Drilling continued to deliver strong operating and financial performance in Q2-2025 generating EBITDA of $94 million, corresponding to a 39% margin, and we have revised upwards our financial guidance range slightly for FY-2025. We also increased our cash position by $19 million and repaid $48 million of debt during H1-2025.
Over the last two months, we have secured a series of new contracts and extensions in the Middle East, India, Mediterranean, North Sea and Southeast Asia improving visibility for 2025 and 2026, and we remain actively engaged with customers on additional contracting opportunities in our core markets.”
O’Brien added: ”While the uncertain macroeconomic environment has resulted in near-term market volatility and we see near-term dayrate pressure, we remain confident in the long-term fundamentals for the jack-up market. Shallow water activity will continue to play a crucial role in meeting the world’s expanding energy needs. We remain focused on delivering safe and best-in-class services to our customers and value for our shareholders.”
Second Quarter Highlights and Subsequent Events
- Q2-2025 adjusted revenues of $239.7 million.
- Q2-2025 adjusted EBITDA of $94.0 million, representing an adjusted EBITDA margin of 39%, including $21.0 million adjusted EBITDA from Shelf Drilling (North Sea), Ltd. ("SDNS") and $73.0 million from the rest of the business.
- Q2-2025 net income of $11.2 million.
- Q2-2025 capital expenditures and deferred costs totaled $18.0 million.
- The Company’s cash and cash equivalents balance at June 30, 2025 was $171.5 million.
- Key rig updates include:
-- 5-year contract extension for the High Island V in Saudi Arabia until July 2030.
-- 3-year new contract for the J.T. Angel expected to commence in October 2025.
-- One-year contract extension for the Key Manhattan in Italy until November 2026.
-- One-year contract extension for the Rig 141 in Egypt until February 2027.
-- One well contract for the Shelf Drilling Fortress in the United Kingdom, expected to commence in September 2025.
-- One well contract for the Shelf Drilling Enterprise in Vietnam, expected to commence in September 2025.
-- Trident XII is intended to be divested for non-drilling purposes.
Financial guidance for FY-2025 has been revised and is included in the "2025 Financial Guidance" section of the Q2-2025 results highlights presentation on our website.
mer på link
For further queries, please contact:
Douglas Stewart, Executive VP and CFO, Shelf Drilling, Ltd., tel. +971 4567 3400, E-mail: douglas.stewart@shelfdrilling.com
SHLF: Q2-2025 Report (PDF)
SHLF: Q2-2025 Presentation (PDF)
SHLF: Q2-2025 Conference call webcastc (.MP3)
SHLF: Drilling Fleet Status (PDF)
SHLF: Investor relations
Endret 08:21 16.09.2025 av OldNick |
OldNick
08:20
16.09.2025
#35449
|
Skal vi tippe SHLF blir dagens vinner på OSE?
ADES Int. øker kontantbudet på Shelf Drilling fra 14.00/aksje til 18.50/aksje.
SHLF: Update on recommended offer by ADES International Holding, Ltd. to acquire all outstanding shares of Shelf Drilling, Ltd. by way of a cash merger
Børsmelding
16.09.2025
SHLF: Update on recommended offer by ADES International Holding, Ltd. to acquire all outstanding shares of Shelf Drilling, Ltd. by way of a cash merger. Cash consideration revised to NOK 18.50 per share and supported by 53.4% voting commitments in favor of the merger.
Reference is made to the stock exchange announcement as of Aug. 05, 2025, regarding the merger agreement entered into between Shelf Drilling, Ltd. (“Shelf Drilling” or the "Company"), ADES International Holding, Ltd. ("ADES") and ADES International Cayman ("BidCo") (the "Proposed Merger").
The Company, ADES and BidCo have agreed on revised terms of the Proposed Merger whereby the cash consideration is increased to NOK 18.50 (the "Revised Cash Consideration") per share. This Revised Cash Consideration has received irrevocable pre-commitments which, when including ADES’ stake, represents 53.4% votes in favor of the Proposed Merger compared to 15.0% pre-commitments received prior to the Proposed Merger announcement on Aug. 05, 2025.
The Proposed Merger with the Revised Cash Consideration is unanimously recommended by the board of directors of Shelf Drilling.
Following discussions with senior management of the Company and after careful consideration of Shelf Drilling's current trading, jack-up market fundamentals as well as USD 10 million upwards revised cost synergies estimate to USD 50-60 million on an annual basis (from previously announced USD 40-50 million), ADES has increased its offer to the Revised Cash Consideration. The impact on the overall Enterprise Value of the Company, payable by ADES, represents an increase of approx. 6%.
All other terms of the Proposed Merger remain unchanged.
mer på link |
OldNick
15:28
02.12.2025
#35963
|
Dermed var oppkjøpet av Shelf Drilling gjennomført.
SHLF: Shelf Drilling, Ltd. – Strykning
Børsmelding
25.11.2025
Dubai – Reference is made to the stock exchange announcement as of Aug. 05, 2025 regarding the merger agreement entered into between Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”), ADES International Holding, Ltd. (“ADES”) and ADES International Cayman (the “Merger”) as well as the subsequent announcements on Sept. 16, 2025 regarding the revised terms of the Merger.
Shelf Drilling and ADES are pleased to confirm that the effective time of the Merger has occurred and that the Merger has now been completed. Accordingly, ADES now wholly owns Shelf Drilling, and Shelf Drilling, Ltd. will be delisted from the Oslo Stock Exchange.
As announced in the stock exchange announcement as of Nov. 18, 2025, containing “key dates” for the Merger, the merger consideration will be delivered to the eligible Shelf Drilling shareholders on or about Dec. 01, 2025. The merger consideration is NOK 18.50 in cash for each Shelf Drilling share held by Shelf Drilling shareholders as recorded in the VPS on 27.11.2025.
An application to delist the Company from the Oslo Stock Exchange will be filed shortly.
Prior to and as required for completion of the Merger, Shelf Drilling (North Sea) Holdings, Ltd. has today notified Nordic Trustee AS that it exercises the call option to redeem all outstanding bonds under its senior secured USD 315 000 000 bond issue 2024/2028 with ISIN NO0013220285 with original maturity date 22.11.2028. The entire bond issue will be repaid at a price equal to the Make Whole Amount, corresponding to 106.79248% of the nominal amount plus accrued interest, with record date on 08.12.2025 and call option repayment date on 10.12.2025.
Furthermore, Shelf Drilling Holdings, Ltd. has today, prior to and as required for completion of the Merger, notified Wilmington Trust, National Association, as trustee, that it exercised the call option to redeem all outstanding bonds under its senior secured USD 1 095 000 000 bond issue 2023/2029 with ISIN US822538AH74/USG23618AG91 with original maturity date 15.04.2029. The entire bond issue will be repaid at a price equal to 104.813% of the principal amount plus accrued and unpaid interest from Oct. 15, 2025 (the last interest payment date) to, but excluding, 04.12.2025 (the “Redemption Date”).
For further information, please contact:
E-mail: investor.relations@shelfdrilling.com
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Og til slutt avnoterer Euronext/Oslo Børs SHLF-aksjen.
SHLF-aksjen har vært en relativt trist affære for de fleste aksjonærer, sett i lys av selskapet kurshistorikk.
- Selskapet gikk på børs i Oslo i juni 2018, og de gjorde en mindre IPO til kurs 65.35 per SKHL-aksje (som dengang tilsvarte ca. US$8.00 per aksje).
- Den kursen så aksjonærene aldri bli handlet igjen, for det gikk raskt nedover med kursen, som faktisk bunnet på under 2 kroner i 2020.
- Deretter tok aksjen seg en del opp igjen og ble handlet til nesten 40 kroner i 2023, før det bar nedover igjen.
- Til under 10 kroner tidligere i år, frem til de mottok oppkjøpstilbudet, som nå er gjennomført til kr. 18.50 per aksje.
SHLF: Shelf Drilling, Ltd. – Strykning
Børsmelding
02.12.2025
Euronext Oslo Børs har vedtatt å stryke aksjene i Shelf Drilling, Ltd. fra notering på Euronext Oslo Børs. I henhold til Regelbok II pkt. 2.10.2 (2), har Euronext Oslo Børs 02.12.2025 fattet følgende vedtak:
"Aksjene i Shelf Drilling, Ltd. strykes fra notering på Euronext Oslo Børs fra og med 03.12.2025. Siste noteringsdag vil være 02.12.2025”. |
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