Saipem Wins Two Drilling Contracts Valued at $190 Mln

Saipem has been awarded two offshore drilling contracts for the charter of the drillship Saipem 10000 and for the semisubmersible Scarabeo 4 for a combined value of approximately US $190 million.

The contract for the charter of the drillship Saipem 10000 has been awarded by Total Exploration and Production Angola, Operator of offshore Angola Block 17, and will commence the third quarter 2005. Drilling activities will take place in the ROSA field, 200 kilometers offshore Angola, at water depths of up to 1,700 meters. The contract will last two years, and Total has the option to extend it for a further two years.

The second contract has been awarded by IEOC (International Egyptian Oil Company) for the charter of the semisubmersible Scarabeo 4 to drill four wells off Egypt for approximately 8 months, with commence date of June 2005. IEOC has the option to extend it for a further 2 wells.

Sociedade Nacional de Combustiveis de Angola (Sonangol) is the Block 17 Concessionaire. Total's co-venturers in the Block are Esso Exploration Angola (Block 17) Ltd., BP Exploration (Angola) Ltd. , Statoil Angola Block 17 AS and Norsk Hydro.

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