Singapore 28 July 2023 – Energy Drilling Pte. Ltd. (“Energy Drilling”) is pleased to announce the completion of the acquisition of 3x tenders assist rigs from Seadrill Limited.
Energy Drilling is now the proud owner of the modern high spec tender assist drilling rigs T-15, T-16 and Vencedor, bringing the total fleet to six rigs.
Concurrent with the acquisition, Energy Drilling has signed a new 3-year contract with PTTEP for the T-15 which is expected to add more than USD 120m in additional contract backlog.
The acquisition creates an industry-leading tender assist drilling company, with the most modern and high specification fleet. The enlarged company will have a streamlined cost structure and will be well-positioned for further growth given its strong cash flow generation and very modest debt levels.
Commenting on the transaction and market conditions, Marcus Chew, Energy Drilling’s Chief Executive Officer said, “This acquisition is truly transformational for Energy Drilling and will enable us to scale the organization rapidly. The timing is also optimal as the market continues to improve with higher utilization rates and higher contract rates. The Company is actively engaged in several tenders, and we expect to have some positive news to announce in the coming months”.
For additional information, visit www.edrill.com.
Chief Financial Officer
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