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Italy''s Saipem awarded onshore drilling contracts in Saudi Arabia worth USD 250 mln.

| MILAN, Italy, July 24 (KUNA) -- Italy's energy giant Eni Group said Tuesday its leading chemicals subsidiary Saipem Co. has been awarded new onshore drilling contracts in Saudi Arabia worth approximately USD 250 million.

Saipem signed five contracts with Saudi Aramco Group for the charter of 2, 000-HP and 1,500-HP onshore drilling rigs, according to an Eni press release.

The contracts are set for periods from three to five years, starting at different times between the second half of 2012 and the third quarter of 2013.

In view of the contracts signed, Saipem will be expanding its onshore fleet by buying three new rigs, while the rest will be transferred to Saudi Arabia from other areas.

The awarding of these contracts further strengthens Saipem's long-standing relationship with Saudi Aramco, a key client and reinforces its presence in the country, where it is already operating two jack-ups and 10 onshore rigs and is carrying out important onshore and offshore EPC contracts.

Founded in early 1950s with a strong bias towards oil and gas related activities in remote areas and deep-water, Saipem is a leader in the provision of engineering, procurement, project management and construction services with distinctive capabilities in the design and execution of large-scale offshore and onshore projects, and technological competences such as gas monetization and heavy oil exploitation. (end) KUNA 242218 Jul 12NNNN

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Publication:Kuwait News Agency (KUNA)
Geographic Code:7SAUD
Date:Jul 24, 2012
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