With reference to the stock exchange announcement on May 27, 2025, SED Energy Holdings has announced that its wholly owned subsidiary, Energy Drilling, has signed a five-year contract with PTT Exploration and Production Public Company Limited ('PTTEP') for an offshore drilling campaign using its tender-assist drilling rig, EDrill-2.
'We are honored to continue our long-standing relationship with PTTEP and grateful for their continued trust in our team and our assets. This contract is a strong testament to the performance of EDrill-2 and our crews,' said Marcus Chew, CEO of Energy Drilling.
The contract has a firm duration of five years, with an additional three-year optional period, and is scheduled to commence in October 2025. It includes a rate adjustment clause based on a market index, applicable during the final two years of the firm period and throughout the optional period. The contract will contribute significantly to Energy Holdings’ backlog and earnings visibility, with a potential total value of USD 250 million, assuming full exercise of the option period and upward index adjustments.
'This long-term contract with a leading regional operator further strengthens our position in the Southeast Asian offshore drilling market. It also adds to our already strong revenue backlog, enhancing our capacity to deliver sustainable cash flows and attractive shareholder distributions over the next several years,' added Kurt. M. Waldeland, CEO of Energy Holdings.
About Energy Holdings
Energy Holdings is a strong industrial partner with a diversified portfolio of resilient, cash-generative assets supported by a conservative capital structure, a robust revenue backlog and a conservative capital structure. With a solid foundation for attractive capital returns, Energy Holdings' primary focus is on distributing all excess liquidity to shareholders, while also pursuing disciplined, value-accretive growth. Its current portfolio includes wholly owned subsidiaries Energy Drilling, a leading owner and operator of tender assisted drilling rigs, and SeaBird Exploration, a global provider of marine seismic acquisition data to the oil and gas industry. For more information, visit www.energyholdings.cy.
Source: Energy Holdings
