Saipem Lands U.S. $1.5 Billion in Drilling Contracts

Saipem has been awarded onshore and offshore drilling contracts worth U.S. $1.5 billion.

Still under construction, the Saipem 12000 ultra-deepwater drillship has been contracted by Total for five years, with an additional two-year option. Currently being built by Samsung Heavy Industries in Korea, the drillship will be delivered in the first quarter of 2010 for work in the Pazflor field offshore Angola.

In 2005, Total contracted the deepwater drillship Saipem 10000 for work offshore Angola Block 17 in the ROSA field. Total exercised a one-year option earlier this year on that contact.

Additionally, 10 of Saipem's onshore rigs have been contracted for work in South America. Eight newly built rigs have been contracted for four years, and the other two already existing rigs have been contracted for 18 months. Work will be performed in Peru, Venezuela and Brazil by a number of different companies.

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