Saipem Snags $1.1B in Onshore Drilling Contracts


Saipem has been awarded new onshore drilling contracts in Peru and Venezuela worth a total value of approximately US $1.1 billion.

The contracts have been assigned to Saipem by various oil companies and include the charter of 17 onshore rigs of various power capacities.

The contracts will have an average life of five years and will commence at the expiry date of the current contracts, which will occur between the fourth quarter of 2008 and the second quarter of 2009.