Italy: Saipem Nets USD 600 Million in Offshore/Onshore Drilling Contracts

June 20, 2011

Saipem has been awarded new offshore and onshore drilling contracts worth $ 600 million. Saipem has been awarded the contract by Eni to extend the charter of the Saipem 10000 drillship for the duration of 24 months, starting from August 2012. Saipem 10000 is an ultra deepwater drillship, capable of operating in water depths up to 10,000 feet in full dynamic positioning.

Within offshore drilling activities, Saipem has been awarded a contract by Addax Petroleum extending the charter of the semisub Scarabeo 3 for a period of 6 months, starting from November 2011, for drilling activities in Nigerian waters.

Scarabeo is a second generation semi-submersible drilling rig capable of operating in water depths of up to 1200 feet.

In addition, Saipem has signed a contract with NDC for the extension of the charter of the jack-up Perro Negro 2 for a period of 12 months, starting from the second quarter of 2011, for drilling activities in the waters of the United Arab Emirates.

Perro Negro 2 is a jack-up rig capable of operating in water depths of up to 300 feet.

In onshore drilling, Saipem has signed new contracts for 15 rigs in Saudi Arabia, South America and Kazakhstan.

In Saudi Arabia, Saudi Aramco awarded Saipem the contract for the charter of 4 rigs, of which 3 for a period of 3 years each, starting from the fourth quarter of 2011, and 1 for a period of 1 years, starting from the third quarter of 2011.

In Peru and Colombia, Saipem has been awarded new contracts with several clients for the charter of a total of 9 rigs, for a varying period of 4 to 12 months, starting in different dates during 2011.

Finally, in Kazakhstan Saipem acquired two contracts for the charter of 2 rigs, for a period of 4 and 12 months respectively, starting from the fourth quarter of 2011.

Saipem is organised into two Business Units: Engineering & Construction and Drilling, with a strong bias towards oil & gas related activities in remote areas and deepwater. 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 monetisation and heavy oil exploitation.

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Source: Saipem, June 20, 2011.