Energy Drilling, a wholly owned subsidiary of SED Energy Holdings, has locked in a multi-year offshore assignment for its purpose-built barge-type self-erecting tender-assisted drilling rig (SETR) in the Malaysia-Thailand Joint Development Area that will keep the rig occupied well into 2030.
Energy Drilling has received a letter of award from Carigali-PTTEPI Operating Company (CPOC) for a 30-month offshore drilling campaign, with options for up to an additional 15 months, for its 2013-built T-16 tender-assist drilling rig in Malaysia. The firm contract period has an estimated value of approximately $87 million, including mobilization fees.
Kurt M. Waldeland, CEO of Energy Holdings, commented: “This award confirms the strong demand we are seeing across Southeast Asia and demonstrates Energy Drilling's ability to win attractive long-term work with leading customers. 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.”
The company emphasizes that this award covers Phase 7 of CPOC’s development campaign in the Malaysia-Thailand Joint Development Area. The T-16 rig is currently completing Phase 6 of the same campaign, with a firm term through December 2026 and options for further extensions.
Based on the firm’s latest estimates, the current campaign is expected to conclude in Q1 2027 with Phase 7 expected to begin early in Q3 2027. Following completion of the current campaign, the rig will be demobilized to Singapore, where it will be kept with reduced crewing and operating costs ahead of the new campaign.
Luc Plouzennec, CEO of Energy Drilling, underlined: “This latest contract further strengthens our position in Malaysia and reflects the confidence that CPOC continues to place in Energy Drilling's execution capabilities.
“The T-16 has consistently delivered strong operational performance on the field, achieving high levels of reliability, efficiency and safety. Securing this follow-on campaign builds on this proven track record and reinforces our long-standing presence in one of our key markets."
The T-16 rig, which was constructed by COSCO Nantong in China, is designed primarily for offshore development drilling on fixed wellhead platforms. This rig can operate in up to 6,000 feet of water utilizing pre-laid mooring systems and drill down to 20,000 feet.