Saipem Wins $1.25 Billion in Contracts

Sunday, December 23, 2007

Saipem has been awarded new offshore and onshore drilling contracts worth a total value of approximately $1.25 billion. The offshore contract is for the deepwater drillship Saipem 12000. The onshore contract involves the charter of 10 onshore rigs.

The offshore contract has been awarded to Saipem by Total and encompasses the charter of Saipem 12000 for a period of five years with the option of two additional years. The rig is currently under construction in South Korea at the Samsung Heavy Industries shipyard. The rig is expected to be delivered to Total during Q1 2010. The drillship will be used for the development of the Pazflor field in Angola, starting from the time of delivery up until the first quarter of 2015.

The onshore contracts are for the charter of 10 onshore rigs, eight of which are newbuild units, for drilling activities in South America. The contracts have been awarded to Saipem by various oil companies for activities in Peru, Venezuela and Brazil and have an average duration of four years for the newly built eight units and of one and a half years for the two units already existing.

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Saipem Wins $1.25 Billion in Contracts

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Saipem Wins $1.25 Billion in Contracts

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