Saipem awarded new offshore drilling contracts worth USD 830 million

 September 25, 2008; h 12:00

San Donato Milanese (Milan), 25 September 2008 – Saipem has been awarded three new offshore drilling contracts worth a total value of approximately USD 830 million. The contracts are for the charter of Saipem’s Scarabeo 7, Scarabeo 3 and Scarabeo 6 offshore drilling rigs, in West Africa and Egypt.

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

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

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

Saipem, 43% owned by Eni, is organised in three Business Units: Offshore, Onshore and Drilling, with a strong bias towards oil & gas related activities in remote areas and deepwater. Saipem is a leader in the provision of engineering, procurement, project management and construction services with distinctive capabilities in the design and the execution of large scale offshore and onshore projects, and technological competences such as gas monetisation and heavy oil exploitation.

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