SED Energy Holdings has announced that the semi-submersible tender-assist drilling rig GHTH, owned by its wholly owned subsidiary Energy Drilling, has successfully commenced operations under its previously disclosed 21-month contract with PTT Exploration and Production Public Company Limited ('PTTEP'). The rig began operations following the timely and on-budget completion of preparatory work in Singapore.
Marcus Chew, CEO of Energy Drilling, commented:
'We are delighted to see GHTH in operation and supporting our client’s drilling program. This achievement underscores the hard work and professionalism of our crews and shore-based teams, who delivered on a complex setup with precision and safety. We look forward to consistently delivering high-quality and safe performance throughout the contract period'.
Kurt M. Waldeland, CEO of Energy Holdings commented:
'The start of this contract marks an important milestone for Energy Holdings, with all assets across our portfolio now on contract and generating revenue, providing full visibility on cash flow for the quarters ahead. With no major capital expenditure scheduled near term, we are well positioned to sustain strong cash conversion and uphold attractive shareholder returns'.
Source: Energy Holdings
