Energy Holdings' GHTH rig begins operations under PTTEP contract

SED Energy Holdings Plc announced its wholly-owned subsidiary, Energy Drilling, has successfully commenced operations of the semi-submersible tender-assist drilling rig GHTH. This marks the start of a 21-month contract with PTT Exploration and Production Public Company Limited (PTTEP), following timely and on-budget completion of preparatory work in Singapore.

Marcus Chew, chief executive of Energy Drilling, highlighted the precision and safety demonstrated by the crews and shore-based teams. Kurt M. Waldeland, chief executive of Energy Holdings, emphasized that this contract initiation is a significant milestone, ensuring all assets across the portfolio are now generating revenue and providing full cash flow visibility for upcoming quarters.

With no major capital expenditure scheduled in the near term, Energy Holdings is well-positioned for strong cash conversion and attractive shareholder returns, reinforcing its status as a robust industrial partner.