(WO) – Energy Drilling, a subsidiary of SED Energy Holdings, has received a letter of award from Carigali-PTTEPI Operating Company (CPOC) for a 30-month drilling campaign using its tender-assist rig T-16. The award includes options for up to 15 more months. The firm term is worth about $87 million, including mobilization fees.
The work covers Phase 7 of CPOC’s development campaign in the Malaysia-Thailand Joint Development Area. T-16 is currently drilling Phase 6 of the same campaign, which is expected to finish in the first quarter of 2027. Phase 7 is expected to start early in the third quarter of 2027. Between the two campaigns, T-16 will be demobilized to Singapore and kept there with a reduced crew and lower operating costs.
“By securing firm employment for T-16 into 2030, we add meaningfully to our backlog and strengthen our long-term earnings visibility and distribution capacity,” said Kurt M. Waldeland, CEO of Energy Holdings.
“This latest contract further strengthens our position in Malaysia and reflects the confidence that CPOC continues to place in Energy Drilling’s execution capabilities,” said Luc Plouzennec, CEO of Energy Drilling.
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