KCA Deutag lands $402m GCC rig contract extensions
RIYADH, 7 hours, 27 minutes ago
KCA Deutag, a leading drilling, engineering and technology company based in Aberdeen, UK, catering to onshore and offshore projects, has announced that it has secured new land contracts and extensions in GCC worth $402 million.
Of these contracts, one is for extensions of four rigs in Saudi Arabia collectively valued at $352 million, with contract durations ranging from five to ten years, adding up to a total of 25 years, said the UK-based group in a statement.
The other worth $50 million is for extensions of three rigs in Oman - of which two have got two-year extensions while another has been extended for nine months.
Meanwhile offshore, two contract extensions worth a total of six years and $87 million have been secured by KCA Deutag, covering projects in Europe and Angola.
Additionally in Norway, contracts have recently been signed for two awards KCA Deutag announced in March this year, adding over $410 million to the company’s backlog.
The UK group said it had secured backlog exceeding $900 million in new contracts and extensions for land and offshore drilling projects across Middle East, Asia, Europe and Africa.
Simon Drew, President of Land at KCA Deutag, said: "These awards demonstrate our leading position and further cement our reputation as the partner of choice for both land and offshore drilling. The contracts announced provide continuation of services with key customers for the KCA Deutag group, based on strong safety performance and service delivery."
"As such, the contracts are testament to the performance of the KCA Deutag teams in each country and demonstrate our proven track record of developing and empowering those local leadership teams to provide in-country value, maximise local employment opportunities and support skills development," he added.-TradeArabia News Service
