Chevron Extends Shelf Drilling's Contracts Offshore Thailand [Yahoo! Finance]
Chevron Corporation (CVX)
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Source: Yahoo! Finance
The combined contract valued at $197 million will ensure continued operations after the completion of its current contract in the second half of 2025. The contract extension will maintain CVX's drilling activities in the Gulf of Thailand and mark a successful partnership between Chevron and Shelf Drilling in offshore exploration. Shelf Drilling's jack-up rigs were custom built to meet CVX's factory-style drilling model in the Gulf of Thailand and also contained unique offline capabilities to align with the company's requirements. The Chaophraya and Krathong rigs, delivered in 2016 and 2017, respectively, are LeTourneau Super 116 Enhanced Class models with high-spec drilling technology and can accommodate up to 160 people at a time. Shelf Drilling, along with its presence in Thailand, has a strong reach globally. The company has recently secured an Acknowledgement of Compliance for the Norwegian authorities and has been cleared to commence operations under a contract with Equinor.
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