June 25, 2018 / 10:29 AM / 6 months ago

Shelf Drilling sees higher rig rates in 2019, more consolidation

OSLO, June 25 (Reuters) - Shelf Drilling, the world’s largest owner of shallow water rigs, expects to see higher rig rates in 2019 and more consolidation of the fragmented market, Chief Executive David Mullen told Reuters.

Following an initial public offering, the Dubai-based company’s shares began trading in Oslo on Monday, four years after abandoning plans to list in London in the wake of an oil price downturn.

Its shares traded at 64.80 Norwegian crowns ($7.98) per share by 1023 GMT, below its initial offer of 65.35 crowns.

$1 = 8.1215 Norwegian crowns Reporting by Nerijus Adomaitis, editing by Terje Solsvik

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