Energy Drilling announces the purchase of three tender rigs from Seadrill Limited and welcomes new key shareholder

Energy Drilling (“EDrill”) has announced the purchase of three tender rigs from Seadrill Limited (“Seadrill”) and welcomes Pioneer Logistics Holdings (“Pioneer”) as a key shareholder of the company.

Pioneer is a comprehensive and dynamic maritime company with a global operation and an experienced team. Based out of Singapore, Pioneer’s core operations involve its diverse fleet of 30 shipping vessels, including bulk carriers and oil tankers.

The Shares Subscription Agreement (“SSA”) was signed on Friday, 9th June 2023. 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, namely the T15, T16 and West Vencedor (the “Purchase Rigs”), from Seadrill. The closing of the Sale and Purchase Agreement (“SPA”) signed with Seadrill is expected in 3Q 2023.

As the existing manager of the Purchase Rigs, EDrill is highly confident in its ability to successfully operate and deploy the Purchase Rigs and create significant synergies and add valuable scale to its current fleet and operations.

Commenting on the transaction, Mr. Andrew Xue stated, “This investment demonstrates the trust that we have in the brand of Energy Drilling and its proven management team to deliver on the goals we have set. We are delighted to be part of the success story of Energy Drilling going forward”.

Speaking via video conference, Mr. Alf Thorkildsen (the Chairman of EDrill) added, “We are extremely pleased to welcome Pioneer as a new key shareholder of Energy Drilling. This partnership represents a significant milestone for us and will undoubtedly contribute to our continued growth and success. Their commitment to our mission and vision aligns closely with our own, making this a truly unique and synergistic partnership.”

Addressing the staff who were gathered at the signing ceremony, Mr. Marcus Chew (CEO) commented, “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. I believe this collaboration will create exciting opportunities to explore and grow for everyone in our organisation. As we move forward, we will remain dedicated to fostering a culture of teamwork, creativity and operational excellence. Our enlarged fleet will offer greater synergies of scale and allow us to provide unapparelled value to our customers”.