Saipem Scores Drilling Contracts for $320MM

Saipem has been awarded new offshore and onshore drilling contracts worth approximately US $320 million.

Saipem has been awarded the contract by Addax Petroleum to extend the charter of the semi-submersible rig Scarabeo 3 for drilling activities in Nigeria, for the duration of 6 months starting from April 2011.

Scarabeo 3 is a second generation semi-submersible drilling rigs capable of operating in water depths of up to 1,500 feet.

Within offshore drilling activities, Saipem has been awarded a contract by Total for the charter of the jack-up Perro Negro 6 for a period of 3 months starting from April 2011, for drilling activities in Angolan waters.

Perro Negro 6 is a jack-up capable of operating in water depths of up to 350 feet.

In onshore drilling, Saipem has signed new contracts for 10 rigs in Middle East and South America.

In Saudi Arabia, Saudi Aramco awarded Saipem the contract for the charter of 5 rigs for a period of 3 years, starting from the first quarter of 2011.

Finally, in Peru, Colombia and Bolivia, Saipem has been awarded new contracts with several clients for the charter of a total of 5 rigs, for a varying period of 1 to 2 years, starting in different dates during 2011.

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