BAKU, Azerbaijan– BP Exploration (Caspian Sea) Ltd. has contracted Turan Drilling & Engineering Co. LLC, a KCA Deutag and SOCAR AQS company, for operations and maintenance of seven platform drilling rigs.
These are the East, West and Central Azeri, Deepwater Gunashli, West Chirag, Chirag, and Shah Deniz installations in the Caspian Sea.
The initial term is for five years with two one-year extension options. The contract has a value of about $500 million for the firm period or $700 million including all options.
Formed in July 2018, Turan Drilling & Engineering is a joint venture between KCA Deutag and SOCAR AQS. It is jointly owned by the two companies and combines KCA Deutag’s expertise as a drilling and engineering contractor with SOCAR AQS’ knowledge, experience, and infrastructure in the Caspian region.
Nasib Hasanov, founder of Nobel Oil Services, SOCAR AQS’ major shareholder, said: “... Established as a local company, Turan is well positioned to provide significant cost efficiencies through combining the existing infrastructure, expertise, and resources of its parent companies. This contract will also serve the development of local talent in the drilling industry and related services in Azerbaijan.”
Norrie McKay, CEO of KCA Deutag, said: “The Caspian onshore and offshore drilling and engineering market continues to be highly active, and we believe that our local presence puts us in a strong position to take advantage of other business development opportunities as they arise.”