Saipem awarded new offshore drilling contract in Norway

Saipem has been awarded two new offshore drilling contracts for a total value of approximately USD$ 460 million. The contracts are for the charter of Saipem’s Scarabeo 5 and Perro Negro 2 offshore drilling rigs, in Norway and United Arab Emirates.

Norwegian oil company Statoil awarded the contract to Saipem for the charter of the semi-submersible rig Scarabeo 5 for drilling activities in the Norwegian part of the North Sea. The 36-month contract will begin in the first quarter of 2011, upon the expiry of the present contract, which is also being carried out on behalf of the same Client.

Scarabeo 5, a fourth-generation semi-submersible rig capable of operating in water depths of up to 2,000 meters and drilling to depths of up to 9,000 meters, has been working continuously since 1990 in the Norwegian sector of the North Sea, one of the most demanding areas due to strict environmental regulations and harsh weather conditions.

The second contract, awarded to Saipem by Total, is for the charter of the jack-up Perro Negro 2 for drilling activities in the waters of United Arab Emirates, for a period of six months starting in the first quarter of 2010. The contract also includes two 3-months options to be exercised by the Client.

Perro Negro 2 is a jack-up rig capable of operating in water depths of up to 92 meters and drilling to depths of up to 6,400 meters.

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