Shelf Drilling, Ltd. ("Shelf Drilling" or the "Company", and together with its direct and indirect subsidiaries the "Group") on 21 February 2019 regarding the entering into of agreements with an affiliate1 of China Merchants & Great Wall Ocean Strategy & Technology Fund ("CM" or “China Merchants”) for bareboat charter of, and the option to buy, two CJ-46 jack-up rigs (the "BBC Arrangement").
The Company has entered into an agreement with CM to terminate the BBC Arrangement. The termination shall be effective upon the settlement of a total charter payment of USD 4 million, payable by the Company in September 2020.
Source: Shelf Drilling
