Saipem Snares Multiple Contracts

July 30, 2014

Saipem has been awarded new drilling contracts in Indonesia, Nigeria, the Arabian Gulf and Latin America worth approximately USD 850 million of which USD 540 million are related to offshore activity and refer to four different units of Saipem’s fleet.

Saipem has signed with Eni Muara Bakau B.V. a contract for the utilization of the Scarabeo 7 which will be operating offshore Indonesia drilling a minimum of 12 wells. The project is estimated to be completed in first quarter 2017.

The vessel will remain under contract with Eni until February 2018. Scarabeo 7 is a fifth generation semi-submersible drilling rig, capable of operating in water depths of up to 5,000 feet.

Furthermore, in West Africa the contract for the Scarabeo 3 has been extended to March 2015. Scarabeo 3 is a second generation semi-submersible drilling rig, with capacity to operate in water depths of up to 1,500 feet.

In addition, NDC has extended the contract for the jack-up rig Perro Negro 2 for 24 months, starting from January 2015, for activities in the Arabian Gulf.

In Ecuador, EP Petroamazonas has extended by 10 months the charter of the jack-up rig Ocean Spur, operated (not owned) by Saipem until the end of the first quarter of 2015. Both these jack-up are rigs capable to operate in water depths of up to 300 feet.

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Press Release; July 30, 2014