Saipem Awarded $250mln Drilling Contracts

Italian oil and gas industry contractor Saipem informs it has been awarded new onshore drilling contracts in the Middle East and South America, cumulatively worth approximately $250 million.

These include two key contracts awarded by Kuwait Oil Company, the Kuwaiti national oil company, as part of its ambitious plans to develop the country’s oil resources. The contracts have a duration of five years plus an option to extend for a further 12 months and encompass the supply of two 3,000HP deep-drilling rigs for operations in Kuwait.

These contracts, which follow the recent award notification from the Kuwait National Petroleum Corporation for two packages of the Al-Zour New Refinery Project, represent Saipem’s first foray into the Kuwaiti onshore drilling market, enabling the company to further consolidate its presence in the strategic Middle Eastern market and leverage its significant experience of onshore drilling operations in desert environments.

 Additional contracts won in onshore drilling relate to oil and gas development in South America, namely in Peru and Colombia, underpinning Saipem’s strong presence in the area.