BP dishes out $500 million contract for operations in Caspian Sea
- Business & Finance
Turan Drilling & Engineering Company, a KCA Deutag and SOCAR AQS company, has been awarded its first contract, which is with BP.
The contract has a value of approximately $500 million for the firm period or $700 million including all options, and is for the operations and maintenance of seven platform drilling rigs operated by BP in the Caspian Sea pursuant to Product Sharing Agreements, Turan Drilling said in a statement on Tuesday.
These are the East, West and Central Azeri, Deepwater Gunashli, West Chirag, Chirag and Shah Deniz installations. The initial term is for five years with two one year extension options.
Formed in July 2018, Turan Drilling & Engineering is a joint venture between KCA Deutag and SOCAR AQS. It is jointly owned by the two companies and combines KCA Deutag’s expertise as a drilling and engineering contractor with SOCAR AQS’s knowledge, experience and infrastructure in the Caspian region.
Nasib Hasanov, Founder of Nobel Oil Services, SOCAR AQS’s major shareholder, said, “We are very pleased that our joint venture, Turan Drilling & Engineering, has been awarded this contact, which is a significant milestone in its development.”
Hasanov added: “Established as a local company, Turan is well positioned to provide significant cost efficiencies through combining the existing infrastructure, expertise and resources of its parent companies.”
Commenting on the announcement Norrie McKay, CEO of KCA Deutag said, “KCA Deutag has worked in the Caspian for a number of years now, and we are delighted BP has recognized the strength of our new Azerbaijani joint venture with the award of this substantial contract to Turan Drilling & Engineering.
“The Caspian onshore and offshore drilling and engineering market continues to be highly active, and we believe that our local presence puts us in a strong position to take advantage of other business development opportunities as they arise.”
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