Finder Secures ENEOS Drilling Rig for Offshore Timor-Leste KTJ Wells
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(WO) – Finder Energy has finalized an agreement with ENEOS Drilling to secure the Hakuryu-5 semisubmersible rig for the KTJ offshore development in Timor-Leste. The agreement includes three guaranteed wells and options for two additional wells, with operations slated to begin on Dec. 1, 2027. Final execution remains subject to approval from ENEOS’ parent firm and board by Nov. 16, as well as clearance from the joint venture, regulatory authorities, and Finder’s board by Dec. 31.
The primary three-well drilling and completion campaign is projected to span roughly 150 days. Work will encompass installing completion assemblies, wellheads, and subsea trees to prepare the wells for connection to the Petrojarl I FPSO. The optional slots may be assigned to third-party operators for cost-sharing, or utilized by Finder for exploration and appraisal drilling aimed at nearby tie-back prospects in PSC 19-11. Finder noted that the agreed rig rates align with its forecast budget for the program.
Damon Neaves, CEO of Finder, described the agreement as “a key landmark for the KTJ Project.” He added: “The Hakuryu-5 brings a strong safety record and extensive operational expertise in Southeast Asia, having previously completed drilling programs for major companies like PETRONAS and INPEX. We are eager to begin drilling the initial development well late next year.”
In addition to the rig, Finder has lined up several key services and long-lead equipment items:
- Sumitomo will deliver OCTG materials, including casing, tubing, and production liners.
- OneSubsea has been contracted to manufacture three subsea Christmas trees.
- Wellhead systems were procured from a separate joint venture following a technical assessment.
- AGR will oversee integrated drilling management services.
- SLB has been selected to supply upper completion hardware.
The Hakuryu-5 was selected following a competitive bidding process. Delegates from joint venture partner TIMOR GAP participated in a physical inspection of the vessel in Labuan, Malaysia.
Finder aims to reach a Final Investment Decision (FID) for the KTJ project by Nov. 30.
