Valeura Energy has moved to secure jack-up drilling capacity for a multi-year campaign in the Gulf of Thailand, locking in the Shelf Drilling Enterprise for a three-year term running to 31 December 2029.
The agreement gives the company access to a 2007-built rig that was upgraded in 2020 and is expected to support a sustained programme across Valeura’s offshore Thailand portfolio. Drilling is currently planned to begin in the fourth quarter of 2026, with the early phase focused on production acceleration projects.
Valeura is acting while it sees favourable pricing in the rig market, reducing the risk of tighter availability or higher costs later in the cycle. Securing capacity now also improves visibility over its operational schedule through the end of the decade, which can be important for companies seeking to convert reserves and drilling inventory into production and cash flow.
The Shelf Drilling Enterprise is a Baker Marine Pacific 375 design jack-up with accommodation for 150 people. Formerly known as Maersk Completer, the rig was acquired by Shelf Drilling from Maersk in 2019 and renamed in 2020. It has recent operating history in the region, having completed work in Thailand in 2025 before being deployed to Vietnam.
Valeura Energy Inc (TSX:VLE) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play.
