Shelf Drilling signed an agreement with Abu Dhabi National Oil Company’s (ADNOC) subsidiary,  ADNOC Drilling, to sell the Shelf Drilling Journey jack-up drilling rig for $77.6 million.

The Shelf Drilling Journey rig is a Gusto CJ-46 design rig that was delivered by China Merchants Heavy Industries (CMHI) in 2019 and is expected to be delivered during Q1 2021. It should be noted that Shelf Drilling purchased two newbuild premium CJ-46 jack-up rigs from CHMI for $87 million per rig. Per the statement, Shelf Drilling has been assigned as the “unrestricted subsidiary as defined in the applicable financing agreements of the company’s subsidiaries.”