The three-year contract with two one-year extensions from Venture Production plc for their Kittiwake platform in the UK North Sea is confirmed. The contract is valued at £3.75m (US$6.75) over five years.
Venture, together with Dana Petroleum plc, purchased Kittiwake from Shell Expro in November last year.
"Kittiwake is a mature platform, but this is the first time that KCAD has provided drilling services for it," explained Maurice White, Chief Executive of KCAD. "Venture is also a new client and we look forward to forging a close relationship with them.
"Although KCAD has very successfully expanded its business internationally, the North Sea remains an important element of our operations, and this contract demonstrates that there is new business to be won."
"It confirms our active engagement with the new operators in the North Sea, where we are well-placed to meet the challenges of this maturing market, both in terms of cost reduction and managing intermittent operations. We continue to develop innovative approaches to our clients' drilling and well intervention requirements."
Contract extensions valued at nearly US$8m have been announced in Libya for rigs T-16, working for Agip Libya, and rig T-72 Libya, working for Wintershall Libya.
In Oman the company has been awarded a US$19.4m land-drilling contract from Petroleum Development Oman LLC (PDO) for Rig T-44 and it runs for four years until 2007.
"The rig will continue to drill within PDO's Fahud Field in North Oman as it has for the past four years," explained Joachim West, Country Manager. "We are retaining the same rig crew and this team's experience was an important factor in winning this contract."
In other news from Oman, KCA DEUTAG Rigs T-77 and T-78 have started operation drilling gas development wells down to about 5200m in the Saih Rawl Field. Together with T-63, KCAD in Oman is now operating three Heavy Rigs (2000 HP) in the same field.
KCAD has signed a two-year contract, with a one-year extension, for Rig T-26, and a one-year extension for rig T-6, both working for NAOC Agip in Nigeria.
MOL PAKISTAN OIL and GAS Co. B.V., Islamabad has awarded KCAD a contract valued between US$5m - US$10million over one-and-a-half years for Rig T-75. This follows the successful drilling and testing of a wildcat well in the TAL-block of the Kohat Plateau in the North West Frontier Province of Pakistan.
"These recent contract awards reinforce our strategy for long term internationalization in the key target markets of Middle East, West Africa, North Africa, Russia and the Caspian," said White.
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