Saipem Awarded Drilling Contracts worth $1.25 billion

Saipem Awarded Drilling Contracts Worth $1.25 Billion

12-26-2007

Saipem has been awarded new offshore and onshore drilling contracts worth a total value of approximately USD 1.25 billion. The contracts are for the charter of the deepwater drillship Saipem 12000, along with the charter of ten onshore rigs.

The offshore contract has been assigned to Saipem by Total and encompasses the charter of the deepwater drillship Saipem 12000 for a period of five years with the option of two additional years.

The Saipem 12000 drillship is under construction in a Samsung Heavy Industries shipyard in Korea and the rig delivery is expected in the first quarter of 2010. The drillship will be used for the development of the Pazflor field in Angola, starting from the time of delivery up until the first quarter of 2015.

The onshore contracts are for the charter of ten onshore rigs, eight of which are new-built units, for drilling activities in South America. The contracts have been awarded to Saipem by various oil companies for activities in Peru, Venezuela and Brazil and have an average duration of four years for the eight new-built units and of one and a half years for the two units already existing.

Saipem, 43% owned by Eni, is organised in three Business Units: Offshore, Onshore and Drilling, with a strong bias towards oil & gas related activities in remote areas and deepwater.

Saipem is well known for its provision of engineering, procurement, project management and construction services with distinctive capabilities in the design and the execution of large scale offshore and onshore projects and technological competences such as gas monetisation and heavy oil exploitation.