Saipem Awarded $540 Million in Offshore Drilling Contracts

Scarabeo 7, Image courtesy Saipem

Saipem announced today the award of four new offshore drilling contracts worth $540 million for clients operating offshore Indonesia, Nigeria, the Arabian Gulf and South America.

Offshore Indonesia, ENI Muara Bakau B.V. has contracted Saipem’s Scarabeo 7 to drill a minimum of 12 wells which they expect will be completed in Q1 2017.  The rig will remain under contract with ENI until February 2018. The which the company estimates will keep the rig under contract until 1Q 2017.; the project is estimated to be completed in first quarter 2017. The fifth generation semi will remain under contract with Eni until February 2018.

In West Africa the contract for the 2nd generation semi-submersible rig Scarabeo 3 has been extended to March 2015.

In addition, the UAE’s National Drilling Company (NDC) has extended the contract for the jack-up rig Perro Negro 2 for 24 months, starting from January 2015, for activities in the Arabian Gulf.

In Ecuador, EP Petroamazonas has extended by 10 months the charter of the jack-up rig Ocean Spur, operated (not owned) by Saipem until the end of the first quarter of 2015. Both the Ocean Spur and the Perro Negr0 jack-ups are able to operate in water depths of up to 300 feet.

Onshore, Saipem was also awarded new contracts worth approximately $310 million relating to 31 drilling rigs in South America: 21 in Venezuela, 7 in Peru, 2 in Colombia and one in Ecuador.

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