Misr Insurance compensates Shelf Drilling $45 mln for drillship loss in Suez Canal

Egypt’s Misr Insurance Company has paid Dubai-based Shelf Drilling Holdings compensation worth $45 million for the loss of a drillship in Suez Canal, an insurer official said Tuesday.

Shelf Drilling Holdings Limited offers shallow water jack-up drilling services to the oil and gas industry. Its clientele include Chevron, ExxonMobil, ONGC, Perenco, Petrofac, Saudi Aramco, and Total. The company was founded in 2012 and is headquartered in Dubai, with additional locations in Southeast Asia, India, West Africa, Egypt, Saudi Arabia, and Italy. Shelf Drilling Holdings Limited operates as a subsidiary of Shelf Drilling Intermediate, LTD.

Mohamed Sayed Abdel Fattah, General Manager for Oil Department at Misr Insurance, further told Amwal Al Ghad that his company paid the entire required compensation upon Shelf Drilling’s insurance policy to provide coverage against all risks of fire, burglary, and robbery.

Misr Insurance captures more than 95 percent share of the Egyptian oil insurance market, Abdel Fattah said.