Shelf Drilling eyes new bond offering, plans investor meetings

By Mary-Katherine Stinson

Lexington, Ky., April 22 – Shelf Drilling (North Sea) Holdings, Ltd., an indirect wholly owned subsidiary of Shelf Drilling (North Sea), Ltd., will hold a series of fixed income investors meetings in advance of a proposed 4.5-year senior secured first-lien bond issue totaling $300 million, according to a notice.

DNB Markets is the sole global coordinator and joint bookrunner. Arctic Securities AS and Clarksons Securities AS are also joint bookrunners.

Proceeds would be used to refinance the company’s outstanding senior secured notes maturing in October 2025, to fund the previously disclosed short-term liquidity requirement and transaction costs including the existing notes’ call premium and for general corporate purposes.

The United Arab Emirates-based Shelf Drilling, Ltd. is a shallow water offshore driller, which has operations in Southeast Asia, the Middle East, India, West Africa and the North African/Mediterranean markets.

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