Energy Drilling, a wholly owned subsidiary of SED Energy Holdings, has received a letter of award from Carigali-PTTEPI Operating Company (CPOC) for a 30-month offshore drilling campaign in Malaysia, with an estimated firm contract value of $87 million, including mobilization fees.
The award covers the deployment of Energy Drilling's T-16 tender-assist drilling rig for Phase 7 of CPOC's development campaign in the Malaysia-Thailand Joint Development Area, with options to extend the contract by up to 15 months.
The T-16 is currently completing Phase 6 of the same campaign, with a firm contract term running through December 2026 and options for further extensions.
Based on the latest estimates, the current campaign is expected to conclude in the first quarter of 2027, with Phase 7 scheduled to begin early in the third quarter of the same year.
Following the current campaign, the rig will be demobilized to Singapore, where it will be kept with reduced crewing and operating costs ahead of the next phase.
T-16 is a purpose-built barge-type self-erecting tender assisted drilling rig with a flat bottom, raked stern and bow hull shape. The rig is designed for development drilling involving multiple well slots on fixed wellhead platforms in up to 6,000 ft of water with pre-laid mooring.
“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,” said Kurt M. Waldeland, CEO of Energy Holdings.
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