Chevron Extends Shelf Drilling's Rig Contract in Nigeria

Group 1: Contract Extension - Chevron Corporation has awarded Shelf Drilling a one-year contract extension for the Scepter jack-up rig operating offshore Nigeria, adding approximately $50 million in contract value [1] - The initial two-year contract awarded to Shelf Drilling in 2023 was valued at around $118 million, with the option for an additional one-year extension now exercised, extending the rig's operation until July 2026 [2] Group 2: Rig Overview - The Scepter jack-up rig, designed by Keppel FELS Super B Class, was built in 2008 and upgraded in 2019, with a maximum drilling depth of 35,000 feet and operational capabilities in water depths of up to 350 feet, accommodating 150 personnel [3] Group 3: Industry Collaboration - The contract extension follows Shelf Drilling and Arabian Drilling's plans to expand their offshore drilling footprint by combining resources and deploying premium jack-up rigs internationally, validating the capabilities of both companies [4] Group 4: Company Profile - Chevron is one of the largest publicly traded oil and gas companies, involved in all aspects of energy, from oil production to refining and marketing, currently holding a Zacks Rank 3 (Hold) [5]