Saipem awarded onshore drilling contracts worth US$500 million

Saipem Saudi Aramco US500mn contractsSaipem has been awarded new onshore drilling contracts worth approximately US$500mn in Saudi Arabia, South America and Kazakhstan, including the utilisation of thirteen rigs, three of which will be new purpose-built units

The three-year Saudi Arabia contracts were signed with Saudi Aramco and, depending on the end-date of current commitments and the delivery schedule of the units to be built, the projects will commence during 2013, Saipem said.

The company noted that the contracts represented a further consolidation of its relationship with Saudi Aramco, as well as Saipem’s growing presence in Saudi Arabia.

Through its subsidiary Snamprogetti, the company was in 2006 awarded a US$1.76bn lump sum turn key contract as part of Saudi Aramco’s Khursaniyah Development Programme.

Saipem's Kazakhstan contract is for the charter of a rig for an eight-month period, while in South America the company will have utilisation of two rigs for one and two years respectively.

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