Zenith Energy Ltd. has agreed the sale of its fully owned ZEN-260 onshore drilling rig for approximately US$4.3 million, significantly above previously disclosed indicative offers.
The buyer is a Philippines-based company operating in the oil and gas sector, with the agreement including payment of a non-refundable deposit.
Management said the final sale price reflects both a competitive bidding process involving multiple interested parties and the stronger global oil and gas pricing environment.
The agreed consideration compares favourably with earlier indicative offers of around US$2 million previously disclosed by the company.
The transaction has already received the necessary approvals from Philippine authorities, with importation of the rig expected during July 2026.
The ZEN-260 drilling rig was originally acquired by Zenith in September 2018 for approximately €2.25 million.
Chief executive Andrea Cattaneo said the transaction represents an attractive opportunity to monetise a non-core asset while strengthening the company’s balance sheet.
Proceeds from the disposal are expected to support the continued expansion of Zenith’s Italian solar and broader energy portfolio, reflecting the company’s increasing strategic focus on renewable energy development.
Management added that the transaction demonstrates its ongoing strategy of unlocking value from legacy oil and gas assets while reallocating capital toward higher-priority growth initiatives.
