Canada-based oil and gas company Valeura Energy has signed an agreement with Shelf Drilling to chart the Shelf Drilling Enterprise jack-up rig for a three-year term through the end of 2029.
The rig, owned by Shelf Drilling (Southeast Asia), a subsidiary of ADES Holding Company, is expected to begin operations in the fourth quarter of 2026, with initial work focused on production acceleration projects in the Gulf of Thailand.
Valeura has flexibility on the start date under the agreement, the company said.
The Shelf Drilling Enterprise is a premium jack-up rig built in 2007 and upgraded in 2022, based on the Baker Marine Pacific Class 375 design, and is capable of operating in water depths of up to 375 feet.
"Three consecutive years of an approximately 200% reserves replacement ratio has materially transformed our asset base. With 57.8 mmbbls of proved plus probable reserves as of 31 December 2025, we see more opportunity and a larger inventory of drilling targets within our core Gulf of Thailand portfolio.
“At the same time, we see a favorable pricing environment within the rig market, so we are moving decisively to capitalize on the opportunity before us by locking in the Enterprise rig for a term of three years.
“Our business remains robust, even at the relatively low commodity prices we saw in late 2025. With that position now coupled with a robust balance sheet, we intend to pursue further development, appraisal, and exploration drilling across our portfolio with a program of continual drilling through the end of 2029," said Sean Guest, President and CEO of Valeura.
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