MB Century sells Rig 32 to Webster

Source: energynews.co.nz - Eamon Rood

MB Century has sold Rig 32 to Webster Energy Services for an undisclosed sum as it shifts focus towards its engineering and technical services.

The company expects to finalise the transaction for the Italian-made Drillmec HH350 in December after completing geothermal work for Tūaropaki Power Company.

Rig 32 can drill as deep as 3.5 kilometres and has helped develop major geothermal projects, including a three-year campaign at Contact Energy's Tauhara field near Taupō that ended in 2022. Contact extended its contract for its services until the middle of this year.

MB Century chief executive Alan Stewart says selling the rig is part of a strategic pivot for the Tūaropaki Trust-owned company.

"We now have a much broader engineering and technical services business, and this decision gives us the opportunity to put more focus behind those capabilities and the opportunities ahead," he says.

"MB Century has evolved, and we need to make sure our focus and investment evolve with it."

MB Century will continue to be 100 per cent owned by Tūaropaki Trust.

Skills growth

Webster Energy Services is a subsidiary of Porirua-based Webster Drilling and Exploration.

The private company sees an opportunity to increase its presence in the geothermal sector. It's also an opportunity to broaden its experience across geothermal, petroleum and other specialist drilling.

Webster intends to keep Rig 32 working in the New Zealand geothermal market. It says it has begun engaging with the current crew, with the aim of retaining the experience and operational capability.

"We've got a long history in drilling, and geothermal is an area where we see real opportunity,"

Webster Energy Services general manager Luke Godwin says.

"Rig 32 gives us a strong platform to build on that experience and grow our capability in the New Zealand market."