PTTEP (PetroChina Thailand) has recently awarded two long-term drilling contracts to Foresight Offshore Drilling. These contracts pertain to the drilling facilities Aryabhatt 1 and Vivekanand 1, which are expected to take over drilling activities in the Gulf of Thailand currently assigned to Energy Drilling.
Contract Details
The contracts are scheduled to start in February and April 2027, respectively. Previously, Energy Drilling announced that PTTEP was bidding for two drilling units under contracts lasting five years with three-year options. These drilling facilities are expected to compete with Energy Drilling's bidding drilling units.
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The EDrill-1 drilling unit, currently operating for PTTEP, is working at a daily rate of approximately $94,000, with its contract ending in November 2026. Additionally, T-15 is also operating under contract with PTTEP in Thailand, and its current term is expected to end in early 2027. The daily rate for this drilling unit is reported to be approximately $121,000.
Features of the Drilling Facilities
Foresight is set to deploy two 350-foot drilling units for this project. Aryabhatt 1 is of the KFELS B-Class type, while Vivekanand 1 is designed as LeTourneau Super 116E. These facilities were constructed in 2013 and 2016, respectively. The contract value and daily rates have not been officially disclosed, but market estimates suggest that the rates will be around $70,000 per day, although neither company has confirmed this figure.
These contracts will not only help PTTEP achieve its drilling goals in the Gulf of Thailand but also enable Foresight Offshore Drilling to gain a stronger foothold in the Thai offshore drilling market. Given the increasing competition in this industry, these collaborations are expected to have positive impacts on the operational strategies of both companies.
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