Saipem Wins $850M of Drilling Contracts

Italian drilling firm Saipem reported Tuesday that it has been awarded new contracts in Indonesia, Nigeria, the Arabian Gulf and Latin America that are worth approximately $850 million. Approximately $540 million of the contracts are related to offshore drilling and will involve the use of four vessels from Saipem's fleet.

Saipem said that the Scarabeo 7 (DW semisub) rig will be used by Eni Muara Bakau for the drilling of at least 12 wells offshore Indonesia. The project is expected to be completed during the first quarter of 2017, with the rig remaining under contract with Eni until February 2018.

In West Africa, the contract for the Scarabeo 3 (mid-water semisub) rig has been extended to march 2015.

Meanwhile, NDC has extended the contract for the Perro Negro 2 (300' ILC) rig for 24 months, beginning in January 2015, for drilling in the Arabian Gulf. In Ecuador, EP Petroamazona was extended by 10 months the charter of the Ocean Spur (300' ILC) rig, which is operated by Saipem, until the end of the first quarter of 2015.

Saipem's onshore drilling unit has been awarded contracts worth $310 million relating to 31 drilling rigs in South America: 21 in Venezuela, seven in Peru, two in Colombia and one in Ecuador.

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