The firm contract period has an estimated value of approximately $87 million including mobilization fees.
“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.
The award covers Phase 7 of CPOC’s development campaign in the Malaysia-Thailand Joint Development Area. The T-16 is currently completing Phase 6 of the same campaign, with a firm term through December 2026 and options for further extensions. Based on the latest estimates, the current campaign is expected to conclude in Q1 2027 with Phase 7 expected to commence early in Q3 2027. Following completion of the current campaign, T-16 will be demobilized to Singapore, where the rig will be kept with reduced crewing and operating costs ahead of the new campaign.
“This latest contract further strengthens our position in Malaysia and reflects the confidence that CPOC continues to place in Energy Drilling’s execution capabilities,” said Luc Plouzennec, CEO of Energy Drilling. “The T-16 has consistently delivered strong operational performance on the field, achieving high levels of reliability, efficiency and safety. Securing this follow-on campaign builds on this proven track record and reinforces our long-standing presence in one of our key markets.”
