Energy Holdings Secures First Offshore Drilling Contract
Energy Holdings, a company formed through the merger of Marine seismic player SeaBird Exploration and Singapore’s tender drilling rig specialist Energy Drilling, has announced its first major deal.
The company revealed that Energy Drilling has landed a letter of intent with an undisclosed client for a multi-year offshore drilling contract. This contract is expected to have a significant impact on the company’s backlog and earnings visibility in the years to come.
“Further details will be disclosed upon formal contract signing and subject to client approval for public disclosure,” Energy Holdings stated.
The merger between SeaBird and Energy Drilling recently concluded with a share-for-share agreement, resulting in the shareholders of Energy Drilling owning approximately 89% of the new combined entity. The company now boasts two seismic vessels and six tender rig assets.