scarabeo 7 saipem

Saipem Awarded $300 Million in Drilling Contracts

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March 27, 2012

ROME -(Dow Jones)- Saipem SpA (SPM.MI) said Monday it has been awarded new offshore and onshore drilling contracts worth about $300 million.

In offshore drilling, Eni SpA (E) extended a contract chartering the semisubmersible drilling rig Scarabeo 7 for activities in Indonesian waters.

The contract has been extended by 15 months to the first quarter of 2016. The contract was originally for three years starting the fourth quarter of 2011.

Saipem also signed an extension of a contract with Petrobel for the charter of jack-up rig Perro Negro 4 in Egypt. The three-year extension starts from the first quarter of 2012.

HOEC, or Hindustan Oil Exploration Co., awarded Saipem a contract for the charter of jack-up rig Perro Negro 3 for a period of four to six months starting from the second quarter of 2012 for drilling activities in Indian waters.

In onshore drilling, Saipem won contracts from several companies for the charter of five rigs. Three of the contracts are new, while two are extensions, in Saudi Arabia and Colombia, respectively.

The contract terms range from three months to one year, and will start at different times during 2012, Saipem said.

-By Giada Zampano, Dow Jones Newswires

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