Clifford Chance

Clifford Chance advises China Merchants Capital on US$174 million strategic investment in and rig sale to Shelf Drilling

Leading international law firm Clifford Chance has advised China Merchants & Great Wall Ocean Strategy & Technology Fund, a fund under China Merchants Capital, on the US$174 million subscription for 19.4% of the outstanding common shares of Shelf Drilling, Ltd. (Shelf Drilling). The transaction also involved the sale of two jack-up rigs and the bareboat charter of two additional jack-up rigs to Shelf Drilling.

Dubai-headquartered, Oslo-listed Shelf Drilling is the world’s largest contractor of jack-up rigs, operating across four core regions – South East Asia, India, West Africa and MENAM (Middle East, North Africa and the Mediterranean).

A cross-practice, cross-border team from Beijing, Hong Kong, New York, Perth, Shanghai, Singapore and Sydney advised on the deal, co-led by partners Fang Liu and Amy Ho. They were supported by partners Gervais Green and Richard Blewett, counsel Richard Cui, Mark Gillgren and Erika Bucci, senior associates Becky Tai and Steven Meacher, associates Eric Zhang, Clinton Bonomelli, Echo Yang, Ishbel McLachlan and Zibo Liu, and trainee Jingxuan Liu.

Liu said, "This complex equity plus assets transaction showcases our global expertise in public company deals and the oil and gas sector. I am particularly proud of how our corporate and finance teams around the world came together to achieve the goals for our client."