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Shelf Drilling withdraws London Stock Exchange offering

02 Jul 2014
Shelf Drilling has announced that it will not move forward with a planned initial public offering on the London Stock Exchange.

Shelf has cited the challenging market conditions as the key contributor to the decision.

Shelf had been looking to raise $500 million, part of which was to be used to repay part of a $350 million loan facility.

The company would have been the second Gulf-based oil services firm to float its shares on the London Stock Exchange in 2014, following Gulf Marine Services in March.