SED Energy’s EDrill-2 begins operations in Gulf of Thailand

SED Energy Holdings Plc announced that its EDrill-2 rig, operated by wholly-owned subsidiary Energy Drilling, has commenced operations under a five-year contract with PTT Exploration and Production Public Company Limited (PTTEP). The rig mobilized to the Gulf of Thailand and began operations after preparatory work in Singapore.

The contract includes a firm five-year duration, an additional three-year optional period, and a rate adjustment clause based on a market index. The total potential value of the contract is estimated at $250m, assuming full exercise of the optional period and favorable index adjustments.

Kurt M. Waldeland, chief executive of Energy Holdings, highlighted that the start of EDrill-2’s operations ensures strong earnings visibility with all rigs fully contracted, which supports sustainable cash generation and attractive shareholder distributions. Marcus Chew, chief executive of Energy Drilling, praised the offshore and onshore teams for ensuring a safe, efficient, and on-schedule start-up.