Valeura Energy has signed a long-term deal for a jack-up rig to support offshore work in Thailand, moving to secure capacity while rig pricing remains attractive.
The Singapore-headquartered, Toronto-listed company agreed to charter the Shelf Drilling Enterprise for three years, with the contract running to 31 December 2029. Valeura holds flexibility over the start date and currently expects drilling to begin in the fourth quarter.
Initial activity is set to focus on raising output from existing assets. At the end of 2025, Valeura Energy reported 57.8 million barrels of proved plus probable reserves and said it sees a broader pipeline of drilling opportunities across its core Gulf of Thailand acreage.
Chief executive Sean Guest said the company is using current market conditions to secure the rig on terms it views as attractive. He added that Valeura Energy plans to maintain drilling activity across its portfolio through the end of 2029, covering development, appraisal and exploration work.
The financial terms of the charter, including the day rate, were not disclosed.
Shelf Drilling Enterprise is described as a premium jack-up rig suitable for operations across the Gulf of Thailand. The Baker Marine Pacific Class 375 unit was built in 2007, upgraded six years ago, and can work in water depths of up to 375 feet. According to the provided source, the rig previously operated under the name Maersk Completer.
Shelf Drilling (Southeast Asia) Limited, the contracting entity for the rig, is a subsidiary of ADES Holding Company of Saudi Arabia.
