Saipem Awarded Three Contracts Valued at $830MM

Saipem has been awarded three new offshore drilling contracts worth a total value of approximately US $830 million. The contracts are for the charter of Saipem's Scarabeo 7, Scarabeo 3 and Scarabeo 6, in West Africa and Egypt.

The first contract has been assigned to Saipem by Eni, which will use Saipem's Scarabeo 7 off the coast of West Africa for 3 years, with work commencing in the fourth quarter of 2011. Scarabeo 7 is a fourth-generation semisubmersible capable of operating in water depths of up to 1,500 meters and drilling to depths of up to 8,500 meters.

The second contract has been assigned to Saipem by Addax Petroleum, extending their charter of Saipem's semisubmersible Scarabeo 3 for use off the coast of Nigeria, for a period of two years. Scarabeo 3 is a second-generation semisubmersible capable of operating in water depths of up to 500 meters and drilling to depths of up to 8,000 meters.

The third contract, awarded to Saipem by Burullus Gas Company, is for the extension of the charter of Saipem's semisubmersible Scarabeo 6, for use in Egyptian waters for one year, taking effect in the first quarter of 2010. Scarabeo 6 is a third-generation semisubmersible capable of operating in water depths of up to 780 meters and drilling to depths of up to 7,500 meters.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
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