Saipem Awarded Four Drilling Contracts Valued at $510 Million

Saipem has been awarded four new drilling contracts worth a total of US $510 million. The contracts are for the charter of Saipem's Scarabeo 4 and Scarabeo 3 offshore drilling rigs in Egypt and Nigeria respectively, along with the charter of six onshore rigs in Saudi Arabia.

The first contract has been assigned to Saipem by IEOC (International Egyptian Oil Company), who will use Saipem's Scarabeo 4 off the coast of Egypt for 28 months with work commencing in the last quarter of 2007. Scarabeo 4 is a second-generation semisubmersible rig capable of operating in water depths of up to 500 meters and drilling to depths of up to 8,000 meters.

The second contract has been assigned to Saipem by Addax Petroleum, extending their charter of Saipem's semisubmersible Scarabeo 3 rig for use off the coast of Nigeria, for one year and taking effect at the end of the existing commitment. Scarabeo 3 is a second-generation semisubmersible rig capable of operating in water depths of up to 500 meters and drilling to depths of up to 8,000 meters.

Furthermore, Saudi Aramco has signed a three-year contract extension taking effect in the second half of 2007 for the charter of five Saipem's rigs that have been operating in Saudi Arabia on behalf of Saudi Aramco since 2000. Also in Saudi Arabia, Saipem has signed a contract with Eni Repsa for the charter of a new rig for a period of 12 months taking effect in the first quarter 2008.

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