Shelf Drilling Completes Acquisition Of 38 Rigs From Transocean

       Shelf Drilling Completes Acquisition Of 38 Rigs From Transocean

  PR Newswire

  GEORGE TOWN, Grand Cayman, Nov. 30, 2012

GEORGE TOWN, Grand Cayman, Nov. 30, 2012 /PRNewswire/ -- Shelf Drilling
Holdings Ltd ('Shelf Drilling'), a newly-formed focused provider of shallow
water drilling services in Asia, Africa and the Middle East, announces the
closing of its $1.05 billion acquisition of 37 jackup drilling rigs, one swamp
barge, and associated operations from Transocean Ltd (NYSE: RIG). The
transaction was effected pursuant to the terms of the agreements signed on 9
September 2012.

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 seeks to provide the safest and most
reliable fit-for-purpose jackup drilling services to its customers. The
company has established its headquarters in Dubai for optimal access to
operating bases in Thailand, Malaysia, Indonesia, Vietnam, India, Nigeria,
Gabon, Angola, Egypt, Saudi Arabia and Italy.

"Our strategy is based on focus, reliability and relationships," commented
David Mullen, the Chief Executive Officer of Shelf Drilling. "We are
exclusively focused on shallow water drilling, and we will seek to build a
sustainable business that continues to grow to become the jackup drilling
contractor of choice for our customers, employees and investors. We intend to
build on our workforce's industry-leading track record of safety and
operational excellence to allow us to build long-term relationships with our
customers and suppliers."

"I have been extremely encouraged by the response from our employees and
customers following the initial announcement of the transaction. The entire
Shelf Drilling team is excited about the leading role our company will play in
the global shallow water drilling industry."

Shelf Drilling will immediately assume operations of seven rigs. The remaining
currently-contracted rigs will operate under transitional operating and
services agreements with Transocean, with the goal of assuming full operations
of the entire fleet in 2013. Shelf Drilling and Transocean will work in close
collaboration to ensure a seamless transition and outstanding safety and
operational performance. A list of Shelf Drilling's assets is included in
Appendix A.

Shelf Drilling Holdings is a private company owned by management and private
equity funds managed by Castle Harlan, Inc., CHAMP Private Equity and Lime
Rock Partners.

Additional information about Shelf Drilling can be found at

Appendix A

                                           Year Entered   Depth
Jackups                    Design           Service (1)  (Feet)    Location
                   MLT 53-SC(converted to
C.E. Thornton            MLT 116-C)            1974        300      India
Compact Driller           MLT 116-C            1992        300     Thailand
F.G. McClintock           MLT 53-C             1975        300      India
                     MLT 116-S(converted
Galveston Key              116CS)              1978        300     Malaysia
GSF Adriatic I
^(3)                      MLT 116-C            1981        300     Malaysia
GSF Adriatic IX           MLT 116-C            1981        350     Nigeria
GSF Adriatic V
^(3)                      MLT 116-C            1979        300       UAE
GSF Adriatic VI
^(3)                      MLT 116-C            1981        328     Malaysia
GSF Adriatic X            MLT 116-C            1982        350     Nigeria
GSF Baltic              MLT Super 300          1983        375     Nigeria
GSF High Island II       MLT 82-SD-C           1979        270   Saudi Arabia
GSF High Island IV       MLT 82-SD-C        1980 / 2001    270   Saudi Arabia
GSF High Island IX       MLT 82-SD-C        1983 / 2012    250   Saudi Arabia
GSF High Island V
^(3)                     MLT 82-SD-C           1981        270       UAE
GSF High Island
VII                      MLT 82-SD-C           1982        250     Nigeria
                    MLT 84-C(modified to
GSF Key Gibraltar          116-C)           1976 / 1996    300     Thailand
GSF Key Hawaii          Mitsui 300 C           1983        300     Vietnam
GSF Key Manhattan         MLT 116-C            1980        350      Italy
GSF Key Singapore
^(3)                      MLT 116-C            1982        350      Egypt
GSF Main Pass I       F&G L-780-Mod II         1982        300   Saudi Arabia
GSF Main Pass IV      F&G L-780-Mod II         1982        300   Saudi Arabia
GSF Parameswara    Baker Marine BMC-300-IC     1983        300    Indonesia
GSF Rig 105               MLT 52-C             1975        250      Egypt
GSF Rig 124             Modec 200C-45          1980        250      Egypt
GSF Rig 141              MLT 82-SD-C           1982        250      Egypt
Harvey H. Ward        F&G L-780-Mod II         1981        300    Indonesia
J.T. Angel            F&G L-780-Mod II         1982        300      India
Randolph Yost ^(2)        MLT 116-C            1979        300      India
Ron Tappmeyer             MLT 116-C            1978        300      India
Transocean Comet      Sonat cantilever         1980        250      Egypt
Trident 15             Modec 300 C-38          1982        300     Thailand
Trident 16             Modec 300 C-38          1982        300     Thailand
Trident II                MLT 116-C         1977 / 1985    300      India
Trident IX             Modec 400 C-35          1982        400     Malaysia
Trident VIII           Modec 300 C-35          1981        300      Gabon
Trident XII        Baker Marine BMC-300-IC  1982 / 1992    300      India
Trident XIV        Baker Marine BMC-300-IC  1982 / 1994    300      Angola
Swamp Barge
Hibiscus              Heavy Swamp Barge     1979 / 1993    25     Indonesia
(1) Dates shown are the original service date and the date of the most recent
major upgrade, if any.
(2) Rig is currently undergoing reactivation.
(3) Rig is currently stacked.

Contact: Shelf Drilling - David Mullen, +971-4350-7757,
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