MILAN -- Burullus Gas Co. has awarded Saipem a $400-million contract for the charter of the drilling rig Scarabeo 6.
The contract extends Burullus Gas' charter of the vessel until 4Q 2014. The rig will continue to operate in Egyptian waters where it is presently working for the company.
Scarabeo 6 is a third-generation semisubmersible rig capable, at present, of drilling to depths of up to 7,500 m (24,606 ft), and operating in water depths of up to 780 m (2,559 ft). The operating capacity will be raised to 1,100 m (3,609 ft) of water depth, following the rig upgrading works, which will be executed in a six-month period between 2Q 2011 and the 2Q 2012.