Shelf Drilling Ltd
OSE:SHLF
Shelf Drilling Ltd
Shelf Drilling Ltd. is an international shallow water offshore drilling contractor, which engages in the provision of g equipment and services for the drilling, completion, maintenance, and decommissioning of oil and natural gas wells. The company is headquartered in Dubai, Dubai and currently employs 3,105 full-time employees. The company went IPO on 2018-06-05. The firm's fleet consists of more than 30 jack-up rigs for gas and oil exploration. The rigs are located in such countries as Bahrain, Egypt, the United Arab Emirates, Saudi Arabia, Nigeria, India, Malaysia, Thailand and Italy. The firm's customer portfolio includes Shell, ONGC, Saudi Aramco, ADNOC Drilling, Petrobel, Amapetco, Conoil and Chevron, among others.
Shelf Drilling Ltd. is an international shallow water offshore drilling contractor, which engages in the provision of g equipment and services for the drilling, completion, maintenance, and decommissioning of oil and natural gas wells. The company is headquartered in Dubai, Dubai and currently employs 3,105 full-time employees. The company went IPO on 2018-06-05. The firm's fleet consists of more than 30 jack-up rigs for gas and oil exploration. The rigs are located in such countries as Bahrain, Egypt, the United Arab Emirates, Saudi Arabia, Nigeria, India, Malaysia, Thailand and Italy. The firm's customer portfolio includes Shell, ONGC, Saudi Aramco, ADNOC Drilling, Petrobel, Amapetco, Conoil and Chevron, among others.
Revenue: Q2 2025 adjusted revenue was $240 million, down 1% from Q1, mainly due to contract completions.
EBITDA: Adjusted EBITDA for Q2 was $94 million with a 39% margin; full-year EBITDA guidance was raised at the low end.
Backlog Strength: Backlog as of June 30 stood just over $1.5 billion, supported by new contract awards and extensions across key markets.
Market Environment: Jackup rig utilization remains high but pricing is under pressure due to near-term oversupply and increased competition.
Safety and Operations: Safety performance improved, with a recordable incident rate of 0.16 and fleet uptime of 99.5% for Q2.
Financial Position: Net debt declined by $62 million since year-end 2024; total liquidity was $297 million at quarter-end.
2025 Outlook: Company expects revenue and utilization improvements in Q4 and remains confident in the long-term fundamentals for offshore drilling.
