PTTEP Hires Glen Affric Barge for Zawtika Project (Myanmar)

KCA Deutag, one of the world’s largest international drilling contractors, has been awarded a strategic new contract from PTTEP, the National Oil Company of Thailand, for the provision of drilling operations and maintenance services with KCA Deutag self-erect tender barge, the Glen Affric.

The Glen Affric will be used for PTTEP’s Zawtika Project in Myanmar and is expected to drill up to 29 wells.

The contract has a value of up to $50m and is due to start before the end of 2012, with an approximate duration of 412 days and an option for a further 150 days.

Myanmar is an emerging energy market hotspot with significant oil and gas fields both on and offshore. Myanmar has recently opened up to outside investment as the government aims to accelerate growth and transform it into one of the most significant oil and gas markets in South East Asia. This early entry into Myanmar strengthens the company’s strategic position in the region and opens up the possibility of further future onshore, offshore and engineering related contracts.

Larry Stamp, Regional Manager South East Asia and Australasia said: “Our organisation in South East Asia continues to deliver outstanding operational performance, which is the cornerstone that helped us secure an award such as this. This is an exciting new development for the company, as we enter a new country which is still in its infancy of oil and gas production. We are one of the first drilling contractors to enter this market and this offers us the possibility to capitalise on other upcoming opportunities.”

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Press Release, January 11, 2013