Saudi Aramco takes EDC jack-up on a five-year contract

The article has been updated to include the fact that Bassoe Offshore and EDC have also confirmed the rig charter by Saudi Aramco

World’s largest oil company Saudi Aramco has chartered the Setty jack-up drilling rig from Egyptian Drilling (EDC).

Data released on Friday by VesselsValue shows that Saudi Aramco will take the Singapore-built jack-up on a five-year contract.

According to VesselsValue, a website providing rig and vessels valuation along with the news on new charters, the contract is expected to start in September 2019 and will run till late August 2024. The website did not share the financial details of the reported contract for the rig.

Bassoe Analytics, an online tool by rig brokers Bassoe Offshore, has eventually also confirmed the rig deal between Saudi Aramco and Egyptian Drilling. The Norwegian rig broker’s Bassoe Analytics tool (as of recently available as an app too), also confirms the deal is for five years. Bassoe goes a tad further than VV, providing an estimated dayrate – $65000.

Offshore Energy Today has reached out to Saudi Aramco, and the rig owner EDC seeking confirmation and more info. EDC responded on Tuesday, confirming the contract. As for the dayrate,  the drilling company said it was confidential info “which we can’t disclose.” It also said that the $65000 estimate was not correct.

According to VesselsValue, the Setty jack-up rig has been warm-stacked since August 2016. This corresponds to data from Total which released the rig on August 31, 2016 following the completion of the drilling operations in Gabon. The rig is of Baker Marine Pacific design and is capable of drilling to depths of 30,000 ft in water depths up to 375 ft.

Offshore Energy Today Staff