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New company born through SeaBird, Energy Drilling merger
SED Energy Holdings has started trading on the Oslo, Norway stock exchange after the merger of SeaBird Exploration and Energy Drilling in Q2 2025
A Nicosia, Cyprus-based company has emerged covering offshore oil and gas exploration and reservoir drilling following the combination of two asset owners listed in Norway.
SED Energy Holdings commenced trading on the Oslo stock exchange on 20 June under the ticker code ENH after the merger of SeaBird Exploration and Energy Drilling in the last few months.
The new company name has been registered with the Department of Registrar of Companies and Intellectual Property in Cyprus and is effective on the Euronext Oslo Børs.
SeaBird Exploration owned and operated seismic acquisitions vessels active in the exploration of new oil and gas fields, while Energy Drilling managed tender-assisted drilling rigs for offshore development work.
As of the end of Q1 2025, the combined company had a firm revenue backlog of US$444M and a fully utilised drilling rig and seismic vessel fleet.
In April 2025, Energy Drilling signed a letter of intent for a multi-year offshore drilling contract, subject to final execution and customary approvals.
“The name SED Energy Holdings marks our transition to a diversified energy investment company,” said chief executive Kurt Waldeland.
“It reflects the breadth of our portfolio and our focus on long-term value creation through strong cash flow generation, shareholder distributions and disciplined, value-accretive growth.”
SeaBird Exploration and Energy Drilling will continue as subsidiaries in the holding group. In Q1 2025, utilisation of the companies’ fleets stood at 98% for Energy Drilling and 86% for SeaBird.
“As part of this evolution, we are pleased Finn Atle Hamre will continue as chief executive of the SeaBird business unit,” said Mr Waldeland.
“Finn Atle has played a key role in SeaBird’s transformation in recent years, and his continued leadership will ensure continuity as SeaBird operates under the new group structure.”
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