Fleet Status Report
4 March 2024
Revisions Noted in "Bold”
Page 1 | 4
FLEET
STATUS
REPORT
4 March 2024
Fleet Status Report
4 March 2024
Revisions Noted in "Bold”
Page 2 | 4
Recent Events
• As of 31 December 2023, Shelf Drilling contracted backlog was $2.3 billion with 35 of 36 rigs under contract representing a marketed utilization of 97%.
• Shelf Drilling Perseverance secured a 12-well contract with PEVP POC in Vietnam for a firm term of ~16 months with a contract value of ~$73 million. The rig is mobilizing from the UK and will undergo contract preparation in
Singapore. Expected commencement date is July 2024.
• Shelf Drilling Barsk completed its contract with Equinor in Norway under bareboat charter. The rig is currently undergoing contract preparation in Norway ahead of its new contract expected to commence in May 2024.
• Baltic secured a 3-well contract in Nigeria for a firm term of ~70 days at a total value of $10 million. Expected commencement date is April 2024.
• Trident 16 completed contract with Petrobel in Egypt in February 2024 and is now available and marketed for opportunities.
• Trident II has completed an OOS project in the UAE and is expected to commence its new 3-year contract with ONGC in India in March 2024.
Rig Name Rig Design
1
Max Water
Depth (Feet)
Customer Location
Contract Start
Date
Contract End
Date
2
Comments
3
Middle East & Mediterranean
Shelf Drilling Achiever GustoMSC CJ46-X100-D 350 Saudi Aramco Saudi Arabia Dec 2022 Dec 2025
High Island II MLT 82-SD-C 270 Saudi Aramco
4
Saudi Arabia
Mar 2020
Feb 2024
Mar 2024
Feb 2024
Mar 2024
Mar 2030
Completed OOS in Q1 2024.
High Island IV
MLT 82-SD-C 270 Saudi Aramco
4
Saudi Arabia Feb 2020 Jul 2030
Completed OOS in Q4 2023.
High Island V MLT 82-SD-C 270 Saudi Aramco Saudi Arabia Jul 2022 May 2025
High Island IX MLT 82-SD-C 250 Saudi Aramco
4
Saudi Arabia Jun 2021 Jun 2031 Planned OOS in Q2/Q3 2024.
Main Pass I F&G L-780 Mod II 300 Saudi Aramco
4
Saudi Arabia Feb 2020 Jan 2031 Planned OOS in Q2 2024.
Main Pass IV F&G L-780 Mod II 300 Saudi Aramco
4
Saudi Arabia Mar 2020 Mar 2025 Completed OOS in Q1 2024.
Shelf Drilling Victory BMC Pacific 375 375 Saudi Aramco Saudi Arabia Apr 2023 Mar 2028 Customer has 2-year option.
Harvey H. Ward F&G L-780 Mod II 300 Saudi Aramco Saudi Arabia Jun 2023 Mar 2028 Customer has 2-year option.
Shelf Drilling Odyssey
5
F&G JU-3000N 400 QatarEnergy LNG
Qatar
Oct 2022
Feb 2026
Customer has options for additional wells.
Key Manhattan MLT 116-C 350 ENI Italy Nov 2023 Nov 2025 Customer has 4x 6-month option periods.
Shelf Drilling Resourceful
LT Super 116 C 350 ENI Italy Aug 2023
Jul 2026
Customer has 4x 6-month option periods.
Trident 16 Modec 300-C38 300
Egypt
Feb 2019
-
Feb 2024
-
Completed Contract.
Rig 141
MLT 82-SD-C
250
Egypt
Feb 2023
Apr 2024
South East Asia
Shelf Drilling Chaophraya
LT Super 116 E
350
Thailand
Aug 2022
Nov 2025
Shelf Drilling Krathong LT Super 116 E 350 Chevron Thailand Aug 2022 Aug 2025
Shelf Drilling Enterprise
BMC Pacific 375
375
Thailand
Jul 2022
Jul 2025
Customer has option for up to 1 year.
Shelf Drilling Perseverance
5
F&G JU-2000E 400
UK/Singapore
Vietnam
Jan 2024
Jul 2024
June 2024
Nov 2025
Mobilizing from UK to Singapore for contract preparation.
Secured new 12-well contract.
Fleet Status Report
4 March 2024
Revisions Noted in "Bold”
Page 3 | 4
Rig Name Rig Design
1
Max Water
Depth (Feet)
Customer Location
Contract Start
Date
Contract End
Date
2
Comments
3
India
J.T. Angel F&G L-780 Mod II 300 ONGC India Aug 2021 Aug 2024
Trident XII
BMC 300-IC
300
India
Oct 2021
Oct 2024
Parameswara BMC 300-IC 300 ONGC India Jan 2022 Jan 2025
Ron Tappmeyer
MLT 116-C
300
India
Jan 2023
Jan 2026
F.G. McClintock MLT 53-SC 300 ONGC India Feb 2023 Feb 2026 Planned OOS deferred to Q4 2024.
C.E. Thornton
MLT 53-SC
300
India
May 2023
May 2026
Planned OOS in Q4 2024.
Trident II MLT 84-SC Mod 300
UAE
India
Sep 2023
Mar 2024
Mar 2024
Mar 2027
Contract preparation.
Secured new 3-year contract.
Key Singapore MLT 116-C 350 ONGC India Oct 2023 Oct 2026
Compact Driller MLT 116-C 300 ONGC India May 2023 May 2026
West Africa
Adriatic I MLT 116-C 350 Undisclosed Nigeria Oct 2023 Feb 2025 Customer has 1-year option.
Baltic MLT Super 300 375
Cameroon
Nigeria
Mar 2024
Apr 2024
Mar 2024
Jun 2024
Secured new 3-well contract.
Shelf Drilling Mentor
LT Super 116 E
350
Nigeria
Oct 2023
Jun 2024
Customer has 5-month option.
Trident VIII Modec 300-C35 300 Chevron Nigeria Aug 2023 Aug 2024
Shelf Drilling Scepter
Keppel FELS Super B
350
Nigeria
Jun 2023
Jul 2025
Customer has 1-year option.
Shelf Drilling Tenacious BMC Pacific 375 375 CABGOC Angola Jan 2022 Nov 2024 Customer has 15-month option.
North Sea
Shelf Drilling Fortress
5
F&G JU-3000N 400 CNOOC UK Aug 2023 Jun 2024 Customer has two optional wells remaining.
Shelf Drilling Winner
5
F&G JU-3000N
400
Denmark
Oct 2022
Mar 2025
Shelf Drilling Barsk
5
GustoMSC CJ70-X150-ST 492
OOS
Norway
Oct 2022
Nov 2023
May 2024
Nov 2023
Apr 2024
Jan 2025
Completed contract under bareboat charter.
Secured two-well firm contract with two optional wells.
Fleet Status Report
4 March 2024
Revisions Noted in "Bold”
Page 4 | 4
FOOTNOTES
1
MLT: Marathon LeTourneau, LT: LeTourneau, F&G: Friede & Goldman, BMC: Baker Marine Corp.
2
The Contract End Date typically does not include the duration to complete the customer's last well if permitted under the "Well in Progress" clause in the rig contract.
3
OOS – Out of Service. Included if planned OOS duration is greater than 30 days.
4
Contract includes an annual rate adjustment linked to the Brent oil price.
5
Owned by subsidiaries of Shelf Drilling (North Sea), Ltd.
FORWARD-LOOKING STATEMENTS
The information contained in this Fleet Status Report is as of the date of the report only and is subject to change without notice to the recipient, and we assume no duty to update any portion of the information contained herein. This Fleet Status Report contains statements that are not historical facts, which
are “forward-looking statements”. Forward-looking statements include, but are not limited to, statements about estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates, shipyard projects, our business, financial performance and prospects. Although we
believe that the expectations reflected in such forward-looking statements are reasonable, we cannot assure you that such expectations will prove to have been correct. Various factors could cause actual results to differ materially.
The actual results of the Company could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties, including, without limitation:
• the impact of variations in oil and gas production, prices, and demand for hydrocarbons, which drives activity in resource exploration and drilling activity;
• changes in general economic, fiscal and business conditions in jurisdictions in which we operate and elsewhere;
• the decline in demand as oil and gas fossil fuels are replaced by sustainable/clean energy;
• future regulatory requirements or customer expectations to reduce carbon emissions;
• the effects of supply chain disruptions such as supplier capacity constraints or shortages in parts or equipment, supplier production disruptions, supplier quality and sourcing issues or price increases;
• public health issues, including epidemics and pandemics such as COVID-19 and their effect on demand for our services, global demand for oil and natural gas, the U.S. and world financial markets, our financial condition, results of operations and cash flows;
• changes in worldwide rig supply and demand, competition or technology, including as a result of delivery of newbuild rigs;
• the demand for our rigs, including the preferences of some of our customers for newer and/or higher specification rigs;
• our and our customers’ ability to obtain permits and approvals for operations;
• our ability to renew or extend contracts, enter into new contracts when such contracts expire or are terminated, and negotiate the dayrates and other terms of such contracts;
• expectations, trends and outlook regarding operating revenues, operating and maintenance expense, insurance coverage, insurance expense and deductibles, interest expense and other matters with regard to outlook and future earnings;
• the effect of disproportionate changes in our costs compared to changes in operating revenues;
• complex and changing laws, treaties and regulations, including environmental, anti-corruption and tax laws and regulations, that can adversely affect our business;
• the effects and results of our strategies;
• downtime and other risks associated with offshore rig operations or rig relocations, including rig or equipment failure, damage and other unplanned repairs;
• the expected completion of shipyard projects including the timing of rig construction or reactivation and delivery and the return of idle rigs to operations;
• future capital expenditures and deferred costs, refurbishment, reactivation, transportation, repair and upgrade costs;
• the cost and timing of acquisitions and integration of additional rigs;
• sufficiency and availability of funds and adequate liquidity for required capital expenditures and deferred costs, working capital, share repurchases and debt service;
• our levels of indebtedness, covenant compliance, access to future capital, and liquidity sufficient to service our debt;
• the market value of our rigs and of any rigs we acquire in the future, which may decrease and/or be impaired as a result of Company specific, industry specific or market factors;
• the level of reserves for accounts receivable and other financial assets, as appropriate;
• the proceeds and timing of asset dispositions;
• litigation, investigations, claims and disputes and their effects on our financial condition and results of operations;
• effects of accounting changes and adoption of accounting policies;
• our ability to attract and retain skilled personnel on commercially reasonable terms, whether due to labor regulations, unionization or otherwise;
• the security and reliability of our technology systems and service providers;
• the adverse changes in foreign currency exchange rates and currency convertibility;
• our incorporation under the laws of the Cayman Islands and the limited rights to relief that may be available compared to United States (“U.S.”) laws; and
• other risks indicated in the Company's filings and/or financial reports.
All of the foregoing risks and uncertainties are beyond the ability of the Company to control, and in many cases, the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements.