Singapore’s Energy Drilling Secures Multi-Year Contract with PTTEP
Singapore-based tender-assisted drilling provider Energy Drilling, a subsidiary of SED Energy Holdings, has inked a lucrative multi-year contract with Thailand’s national oil and gas company PTTEP for an offshore drilling campaign. The five-year deal, which includes a three-year extension option, is set to commence in October 2025, with a total contract value of up to $250 million.
Strategic Partnership with PTTEP
Energy Drilling’s CEO, Marcus Chew, expressed gratitude for the continued trust PTTEP has placed in their team and assets. The contract signifies a strong endorsement of the performance of the EDrill-2 rig, which will be utilized for the upcoming campaign. This partnership further solidifies Energy Drilling’s position in the Southeast Asian offshore drilling market.
Enhancing Revenue Backlog and Sustainability
The recent merger between SeaBird Exploration and Energy Drilling, resulting in SED Energy Holdings, has positioned the company for growth and sustainability. CEO Kurt. M. Waldeland highlighted the significance of this long-term contract with PTTEP in bolstering their revenue backlog and ensuring sustainable cash flows for years to come. The contract also sets the stage for attractive shareholder distributions in the future.
Expanding Operations in Southeast Asia
PTTEP’s decision to engage Energy Drilling for their drilling campaign aligns with the company’s commitment to enhancing operational efficiency and performance. Additionally, PTTEP recently selected Velesto for its 2025–2026 drilling campaign in Malaysia, showcasing the growing demand for reliable drilling services in the region.
Overall, Energy Drilling’s partnership with PTTEP marks a significant milestone in the company’s journey towards becoming a key player in the offshore drilling industry. With a strong track record of success and a commitment to excellence, Energy Drilling is poised to deliver exceptional results for PTTEP and other regional operators in the years to come.