Saipem leases eight rigs in four contracts

July 24, 2007
Saipem SPA will lease eight drilling rigs in Egypt, Nigeria, and Saudi Arabia under four deals jointly valued at $510 million.

Uchenna Izundu
International Editor

LONDON, July 24 Saipem SPA will lease eight drilling rigs in Egypt, Nigeria, and Saudi Arabia under four deals jointly valued at $510 million.

International Egyptian Oil Co. (IEOC) has contracted Saipem's Scarabeo 4 for for 28 months for work off Egypt starting in the fourth quarter. Scarabeo 4 is a second-generation semisubmersible capable of drilling to 8,000 m in water as deep as 500 m.

Addax Petroleum has hired the second-generation Scarabeo 3 semisubmersible for drilling off Nigeria, extending its charter of the rig for 1 year. The new period will come into effect immediately at the end of the existing commitment. Scarabeo 3 also can drill to 8,000 m in water as deep as 500 m.

Saipem said: "Saudi Aramco has signed a 3-year contract extension taking effect in the second half of 2007 for the charter of five Saipem rigs that have been operating in Saudi Arabia on behalf of Saudi Aramco since 2000."

In addition, Eni Repsa has let a contract to Saipem to charter a new rig for 12 months onshore in Saudi Arabia. The charter starts in the first quarter of 2008.

Contact Uchenna Izundu at [email protected].