Saipem wins three offshore drilling contracts

Saipem has been awarded three new offshore drilling contracts totaling $830 million.

Offshore staff

MILAN -- Saipem has been awarded three new offshore drilling contracts totaling $830 million. The contracts are for the charter of Saipem's Scarabeo 7, Scarabeo 3, and Scarabeo 6 offshore drilling rigs, in West Africa and Egypt.

The first contract has been assigned to Saipem by Eni, which will use theScarabeo 7 off the coasts of West Africa for three years, with work beginning in 4Q 2011. Scarabeo 7 is a fourth-generation semisubmersible rig capable of operating in water depths of up to 1,500 m (4,921 ft) and drilling to depths of up to 8, 500 m (27,887 ft).

The second contract has been assigned to Saipem by Addax Petroleum, extending its charter of the semisubmersibleScarabeo 3 rig for use off the coast of Nigeria, for two years. Scarabeo 3 is a second-generation semisubmersible rig capable of operating in water depths of up to 500 m (1,640 ft) and drilling to depths of up to 8,000 m (26,247 ft).

The third contract, awarded to Saipem by Burullus Gas Co., is for the extension of the charter of the semisubmersibleScarabeo 6 rig, for use in Egyptian waters for one year, taking effect in 1Q 2010. Scarabeo 6 is a third-generation semisubmersible rig capable of operating in water depths of up to 780 m (2,559 ft) and drilling to depths of up to 7,500 m (24,606 ft).

09/25/2008

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