Energy Drilling Pte. Ltd. (EDrill) is acquiring three bidding rigs it has already been operating in a deal expected to close in the third quarter.
Seadrill Ltd. will transfer the T15, T16 and West Vencedor tender aid units to the Singapore company for about $85 million, the vendor said in a press release on Wednesday. Tender assistance platforms could be deployed for development drilling, well completion and plugging and abandonment.
In announcing the definitive agreement, EDrill also said it has tied up a new shareholder in a deal that would help it raise funds to buy the rigs.
EDrill has signed a share subscription agreement (SSA) with Pioneer Logistics Holdings, which has 30 transport vessels, including oil tankers and bulk carriers, EDrill said in its separate statement.
“Pioneer’s agreed capital injection through the SSA enables EDrill, together with further support from EDrill’s banking group and balance sheet cash, to raise the necessary funds to purchase three tender rigs,” the statement said.
EDrill CEO Marcus Chew said at the June 9 signing ceremony: “This capital injection from Pioneer allows us to double our fleet size upon completion and will further strengthen our market position and will open up new possibilities for innovation and expansion.”
All three platforms have already been managed by EDrill under a previous agreement.
This agreement has expanded its fleet to six tendered platforms that include four barge-type units and two semi-submersible platforms.
Two of EDrill’s rigs have been deployed in the Gulf of Thailand for long-term development drilling projects, while another “is ready for development drilling service in harsh environments and for specialized service in deep water docked,” its website states.
Rigs under the previous management agreement with Seadrill were to “be actively marketed by EDMPL [EDrill] to operators in the region and West Africa who are familiar with the deployment of tender rigs for development drilling on fixed platforms in shallow waters and Spars and TLPs in deep waters,” EDrill said on 10 October of 2022.
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