Arena Energy CEO Mike Minarovic: “We are ‘all in’ on the future of the shallow water Gulf of America. The Shelf still holds vast potential, and the WFD 450 gives Arena the reach to unlock proved reserves that no other rig in the Gulf could access.”
The WFD 450 drilling rig, the deepest water depth rated jack-up operating in the Gulf, is conducting a multi-well drilling program for Arena following a $65 million refurbishment program.
Built in 1999 and formerly operated by Valaris, the rig was cold-stacked in the Gulf for seven years prior to White Fleet’s acquisition. The upgraded rig was christened on January 9, 2026, and began drilling operations in late March.
The WFD 450 can drill in water depths up to 400 feet and to total depths of 30,000 feet — capabilities that give Arena access to resources previously beyond the reach of the Gulf’s rig fleet. That reach is expected to unlock significant new production from proved reserves that had remained undeveloped due to equipment constraints.
The Borehole File indicates that Arena has drilled 4 development wells in Eugene Island Area Blocks 315 (231′ water depth) and 325 (252′ water depth) since the rig’s March restart. Two of those wells were completed for production.
Arena has also completed 3 wells in shallower water (138′) in the Main Pass area in 2026.
Cantium, the other active shelf operator, has completed 5 wells this year in very shallow water (50-58′). No other company has conducted drilling operations on the shelf this year.
Arena produced 8,266,036 bbls of oil and 21,079,794 Mcf of gas in 2025, making the company the number one shelf producer of both commodities.
Cantium produced 5,444,651 bbls of oil and 6,716,670 Mcf of gas in 2025.
Bud's Offshore Energy (BOE) 