Scarabeo 7 & Scarabeo 3 Awarded Drilling Contracts

Saipem has been awarded two new contracts for its Scarabeo 7 and Scarabeo 3 rigs. The combined value of the two contracts is approximately US $530 million.

Scarabeo 7 will be used by Eni off the coast of Indonesia for three years beginning in the first quarter of 2008. Scarabeo 7 is a fourth generation semisub capable of operating in water depths of up to 1,500 meters and drilling to depths of up to 8,500 meters.

Addax Petroleum will charter Saipem's semisub, Scarabeo 3, for use off the coast of Nigeria, for one year beginning in the second quarter of 2007. Scarabeo 3 is a second generation semisub capable of operating in water depths of up to 550 meters and drilling to depths of up to 8,000 meters.

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