July 1, 2014 / 11:07 PM / 3 years ago

Shelf Drilling to cancel IPO - City A.M.

July 1 (Reuters) - Oil-rig contractor Shelf Drilling IPO-SHEL.L will scrap its plan to list on the London Stock Exchange because of insufficient interest, Britain's City A.M. reported on Tuesday citing sources.

City A.M., a free newspaper distributed in London's financial district, said the decision to cancel the IPO, which had planned to raise at least $500 million, was made late Tuesday. (bit.ly/1rV8FAx)

The Dubai-based offshore oil rig operator and its advisers are working on a statement, the paper said.

Shelf Drilling could not immediately be reached for comment outside regular working hours. (Reporting by Karen Rebelo in Bangalore; Editing by Cynthia Osterman)

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