King & Wood Mallesons has advised CHAMP Private Equity in relation to Shelf Drilling Holdings Ltd’s (Shelf Drilling) US$1.05 billion acquisition of oil rig assets and associated operations from Transocean Ltd.
Under the deal, Shelf Drilling acquired 37 jackup drilling rigs, one swamp barge and associated operations.
Funds managed by CHAMP Private Equity, together with private equity sponsors Castle Harlan and Lime Rock Partners and management, own Shelf Drilling, a newly-formed focused provider of shallowwater drilling services in Asia, Africa and the Middle East. Shelf Drilling was created to become the leading international shallow water drilling contractor to the oil and gas industry. Building on the decades of experience of the approximately 3,500 worldwide employees who will transfer as part of the transaction, Shelf Drilling intends to provide the safest and most reliable fit-for-purpose jackup drilling services to its customers.
The King & Wood Mallesons team was led by the firm’s Head of Private Equity, partner Mark McNamara. Senior associate Alex Elser worked with Mark McNamara to successfully complete the deal.
Mark McNamara said: “We are delighted to have acted for CHAMP Private Equity on this strategic investment. Our client has a track record of undertaking complex cross-border transactions and we were delighted that they engaged us on this significant multi-jurisdictional investment.”
