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Press release from PR Newswire

Shelf Drilling Completes Acquisition Of 38 Rigs From Transocean

Friday, November 30, 2012

Shelf Drilling Completes Acquisition Of 38 Rigs From Transocean16:59 EST Friday, November 30, 2012GEORGE TOWN, Grand Cayman, Nov. 30, 2012 /PRNewswire/ -- Shelf Drilling Holdings Ltd ('Shelf Drilling'), a newly-formed focused provider of shallow water drilling services in Asia, Africa and the Middle East, announces the closing of its $1.05 billion acquisition of 37 jackup drilling rigs, one swamp barge, and associated operations from Transocean Ltd (NYSE: RIG).  The transaction was effected pursuant to the terms of the agreements signed on 9 September 2012.Shelf Drilling was created to become the leading international shallow water drilling contractor to the oil and gas industry. Building on the decades of experience of the approximately 3,500 worldwide employees who will transfer as part of the transaction, Shelf Drilling seeks to provide the safest and most reliable fit-for-purpose jackup drilling services to its customers.  The company has established its headquarters in Dubai for optimal access to operating bases in Thailand, Malaysia, Indonesia, Vietnam, India, Nigeria, Gabon, Angola, Egypt, Saudi Arabia and Italy."Our strategy is based on focus, reliability and relationships," commented David Mullen, the Chief Executive Officer 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. We intend to build on our workforce's industry-leading track record of safety and operational excellence to allow us to build long-term relationships with our customers and suppliers." "I have been extremely encouraged by the response from our employees and customers following the initial announcement of the transaction.  The entire Shelf Drilling team is excited about the leading role our company will play in the global shallow water drilling industry."Shelf Drilling will immediately assume operations of seven rigs.  The remaining currently-contracted rigs will operate under transitional operating and services agreements with Transocean, with the goal of assuming full operations of the entire fleet in 2013. Shelf Drilling and Transocean will work in close collaboration to ensure a seamless transition and outstanding safety and operational performance. A list of Shelf Drilling's assets is included in Appendix A.Shelf Drilling Holdings is a private company owned by management and private equity funds managed by Castle Harlan, Inc., CHAMP Private Equity and Lime Rock Partners. Additional information about Shelf Drilling can be found at www.shelfdrilling.com Appendix AJackupsDesignYear Entered Service (1)Water Depth (Feet)LocationC.E. ThorntonMLT 53-SC (converted to MLT 116-C)1974300IndiaCompact DrillerMLT 116-C1992300ThailandF.G. McClintockMLT 53-C1975300IndiaGalveston KeyMLT 116-S (converted 116CS)1978300MalaysiaGSF Adriatic I (3)MLT 116-C1981300MalaysiaGSF Adriatic IXMLT 116-C1981350NigeriaGSF Adriatic V (3)MLT 116-C1979300UAEGSF Adriatic VI (3)MLT 116-C1981328MalaysiaGSF Adriatic XMLT 116-C1982350NigeriaGSF BalticMLT Super 3001983375NigeriaGSF High Island IIMLT 82-SD-C1979270Saudi ArabiaGSF High Island IVMLT 82-SD-C1980 / 2001270Saudi ArabiaGSF High Island IXMLT 82-SD-C1983 / 2012250Saudi ArabiaGSF High Island V (3)MLT 82-SD-C1981270UAEGSF High Island VIIMLT 82-SD-C1982250NigeriaGSF Key GibraltarMLT 84-C (modified to 116-C)1976 / 1996300ThailandGSF Key HawaiiMitsui 300 C1983300VietnamGSF Key ManhattanMLT 116-C1980350ItalyGSF Key Singapore (3)MLT 116-C1982350EgyptGSF Main Pass IF&G L-780-Mod II1982300Saudi ArabiaGSF Main Pass IVF&G L-780-Mod II1982300Saudi ArabiaGSF ParameswaraBaker Marine BMC-300-IC1983300IndonesiaGSF Rig 105MLT 52-C1975250EgyptGSF Rig 124Modec 200C-451980250EgyptGSF Rig 141MLT 82-SD-C1982250EgyptHarvey H. WardF&G L-780-Mod II1981300IndonesiaJ.T. AngelF&G L-780-Mod II1982300IndiaRandolph Yost(2)MLT 116-C1979300IndiaRon TappmeyerMLT 116-C1978300IndiaTransocean CometSonat cantilever1980250EgyptTrident 15Modec 300 C-381982300ThailandTrident 16Modec 300 C-381982300ThailandTrident IIMLT 116-C1977 / 1985300IndiaTrident IXModec 400 C-351982400MalaysiaTrident VIIIModec 300 C-351981300GabonTrident XIIBaker Marine BMC-300-IC1982 / 1992300IndiaTrident XIVBaker Marine BMC-300-IC1982 / 1994300AngolaSwamp BargeHibiscusHeavy Swamp Barge1979 / 199325Indonesia(1)  Dates shown are the original service date and the date of the most recent major upgrade, if any.(2)  Rig is currently undergoing reactivation.(3)  Rig is currently stacked.SOURCE Shelf Drilling Holdings LtdFor further information: Shelf Drilling - David Mullen, +971-4350-7757, info@shelfdrilling.com