Saipem awarded $170 million in drilling contracts

Feb. 25, 2003
Saipem has been awarded three contracts involving the offshore drilling rigs Scarabeo 7, Scarabeo 6, and Perro Negro 4 for a total value of $170 million.

Saipem has been awarded three contracts involving the offshore drilling rigsScarabeo 7, Scarabeo 6, and Perro Negro 4 for a total value of $170 million.

Esso Exploration and Production Nigeria Ltd. (Eepnl), a subsidiary of Exxon Mobil Corp., has contracted the semisubmersibleScarabeo 7 for Eepnl's Erha project offshore Nigeria. The contract has an estimated duration of three years, with the option to extend it to one and a half years. Activities are expected to start during 2Q 2003.

TotalFinaElf Exploration Norge AS has contracted theScarabeo 6 to drill in the Norwegian sector of North Sea between February and August. TFE can extend the contract to two additional wells.

Petrobel has contracted the shallow-water jackupPerro Negro for workover activities on the Belaym field offshore Egypt. The contract is to the end of 2004.

02/25/03