Singapore’s tender drilling rig specialist Energy Drilling (EDrill) has signed a new three-year contract with Thailand’s PTT Exploration and Production (PTTEP) for one of its recently acquired units.
The T-15 rig, purchased from Seadrill along with T-16 and West Vencedor is expected to add more than $120m in additional contract backlog.
The Pioneer Logistics-backed contractor counts six rigs in its fleet following the addition of Seadrill units which were previously managed by EDrill.
“This acquisition is truly transformational for Energy Drilling and will enable us to scale the organization rapidly,” said Marcus Chew, Energy Drilling’s chief executive. “The timing is also optimal as the market continues to improve with higher utilization rates and higher contract rates,” he added.
The company is said to be actively engaged in several tenders and expects to have some positive news to announce in the coming months.
