SED Energy Holdings Signs Contract with PTTEP for Offshore Drilling Campaign

SED Energy Holdings, a company recently formed through the merger of SeaBird Exploration and Energy Drilling, has secured a significant contract with Thailand’s PTTEP for one of its drilling rigs.

The contract, awarded to Energy Drilling, a wholly owned subsidiary of SED Energy Holdings, involves an offshore drilling campaign utilizing the 2014-built EDrill-2 tender-assist drilling rig. This contract comes after receiving a letter of intent in late May.

The agreement spans five years with an optional three-year extension period and is set to commence in October 2025. It includes a rate adjustment clause tied to a market index, applicable in the final two years of the firm period and throughout the optional period.

If the option period is fully exercised and with upward index adjustments, the contract could potentially add $250 million to the company’s backlog.