Saipem awarded new onshore drilling contracts
Posted on June 26, 2008 – 11:13 am | by vchris
worth approximately USD 1.1 billion
San Donato Milanese (Milan), 26 June 2008 – Saipem has been awarded new onshore drilling contracts worth a total value of approximately USD 1.1 billion.
The contracts have been assigned to Saipem by various oil companies and encompass the charter of 32 onshore rigs of different power capacities, 13 of which are new-built units, for drilling activities in South America (mainly Venezuela and Peru) and in Ukraine.
The contracts will have an average life of one year for the nineteen existing units , and nearly five years for the 13 new-built units.
Drilling activities related to new contracts will commence at the expiry date of the current contracts for the existing rigs, which will be between the third quarter of 2008 and the second quarter of 2009; for the new-built units, activities will commence once the rigs are completed, which will be between the fourth quarter of 2008 and the first quarter of 2009.
The estimated overall investment for the construction of the new units is approximately USD 300 million.
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.
Website: www.saipem.eni.it
Switchboard: +39-025201
Shareholder Information:
Saipem S.p.A., Via Martiri di Cefalonia, 67 - 20097 San Donato Milanese (MI), Italy
Relations with institutional investors and financial analysts:
Tel.: +39-02520.34653 Fax: +39-02520.54295
E-mail: investor.relations@saipem.eni.it
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Tags: awarded, Contracts, drilling, new onshore, Saipem
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