Energy Drilling and SinoOcean looks to further collaboration

March 14, 2024

After a very successful partnership between Energy Drilling and SinoOcean Assets Management in the deployment of the semi-submersible tender rig GHTH (Guo Hai Tai He) for PTTEP International since early 2023, the two parties have agreed to work towards greater cooperation in offering more offshore assets to the international market.

In a recent meeting with SinoOcean’s top management and their VP, Mr. Wang Dongshi, in Beijing and our CEO, Mr. Marcus Chew, deliberated on the marketing development of SinoOcean’s diverse portfolio of drilling rig assets, spanning from shallow water to deep water, to tap into broader markets and enhance operational efficiency. As leaders in their respective fields, they recognized the immense potential for synergy and mutual benefit through collaboration.

SinoOcean, with its extensive fleet of drilling rigs, stood poised to expand its reach and maximize asset utilization. Meanwhile, Energy Drilling brought unparalleled expertise in drilling operations and marketing initiatives, offering a unique blend of efficiency and reliability in offshore drilling activities.

At the heart of the discussions lay the prospect of transforming SinoOcean’s rig assets from a niche market to a broader, more dynamic international market. Both parties envisioned unlocking new opportunities through strategic marketing and operational enhancements in previously untapped regions. This shift from a niche to a broader market approach promised not only increased profitability but also greater resilience in the face of a cyclical industry.

At the centre of this co-operation is a meticulously crafted Memorandum of Understanding (MOU), a testament to the solemn commitment of both parties to chart a shared destiny of growth and optimization. They recognized that success would hinge not only on strategic planning and execution but also on fostering a culture of trust, transparency, and open communication.

The MOU outlined key areas of cooperation, including joint marketing efforts, operational optimization, and technological innovation. The two companies aimed to capitalize on the strong market dynamics in the oil and gas sector by pooling resources and expertise to win new contracts for the rigs. “The signing of this MOU is a testament to the trust that Sinoocean has in the brand of Energy Drilling to help market and ultimately operate their offshore assets in the international market. We would like to thank Sinoocean for their support and look forward to scaling greater heights together”, said Marcus Chew, CEO of Energy Drilling.

With SinoOcean and Energy Drilling working together as strategic partners, the stage is set for a new chapter of growth for both companies.

Strategic Minds at Work: A candid moment captured as leaders exchange ideas during MOU discussions, fueling optimism for a collaborative journey ahead.
Left center – Mr. Marcus Chew, CEO of Energy Drilling, Right center – Mr. Wang Dongshi, VP of SinoOcean.