Energy Drilling Pte. Ltd. (EDrill) is acquiring three tender rigs it has already been operating, in a deal expected to conclude in the third quarter.
Seadrill Ltd. will transfer to the Singaporean company tender-assist units T15, T16 and West Vencedor for about $85 million, the seller said in a press release Wednesday. Tender-assist rigs could be deployed for development drilling, well completion and plug and abandonment.
In announcing the definitive agreement, EDrill also said it has roped in a new shareholder in an agreement that would help it raise funds for the purchase of the rigs.
EDrill has entered a shares subscription agreement (SSA) with Pioneer Logistics Holdings, which has 30 shipping vessels including oil tankers and bulk carriers, EDrill said in its separate statement.
“The agreed equity injection from Pioneer via the SSA allows EDrill, together with increased support from EDrill’s banking group and cash from the balance sheet, to raise the funds required to purchase three tender rigs”, the statement said.
EDrill chief executive Marcus Chew told the signing ceremony June 9, “This capital injection by Pioneer allows us to double the size of fleet upon completion and will further strengthen our position in the market and open new possibilities for innovation and expansion”.
The three rigs have already been managed by EDrill under an earlier deal.
That agreement has expanded its fleet to six tender rigs comprising four barge-type units and two semisubmersible rigs.
Two of EDrill’s rigs have been deployed to the Gulf of Thailand for long-term development drilling projects while another one “is ready for development drilling service in severe environments and for specialized, deep-water service coupled”, its website states.
The rigs under the earlier management deal 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 October 10, 2022.
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