Saipem wins $250m Saudi onshore works

Saudi success: Saipem hired by Saudi Aramco for onshore drilling works

AFP/Scanpix

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Bill Lehane

 24 July 2012 10:17 GMT

Italy’s Saipem has said it will buy three new onshore rigs after securing $250 million worth in new onshore drilling work from Saudi Aramco.

The Milan-based outfit said it had signed five contracts with the Saudi oil company for the charter of 2,000-HP and 1,500-HP onshore drilling rigs.

The contracts run for between three and five years, starting at various times from the second half of 2012 to the third quarter of 2013.

Saipem will also transfer rigs from elsewhere to help fulfil the new contracts.

Saipem is an international provider of engineering, procurement, project management and construction services.

It already operates two jack-up rigs and ten onshore rigs in Saudi Arabia.

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