Turan Drilling & Engineering Co. LLC, a joint venture between KCA Deutag and Azerbaijan’s SOCAR AQS LLC, secured a $500 million contract for operations and maintenance of seven platform drilling rigs operated by BP Plc in the Caspian Sea, SOCAR AQS head said April 18.
Ramin Isayev told reporters that the contract had been awarded to Turan for five years with two one-year extension options. In this case its cost will rise to $700 million, he said. Turan will start work in May.
Isayev said the drilling rigs are at platforms used for production of oil and gas at Azeri, Chirag and Guneshli oil fields as well as Shah Deniz gas field in the Azeri sector of the Caspian Sea operated by BP-led consortium, where Azeri state energy company SOCAR is a member.
Halliburton beat analysts' estimates for quarterly profit on Jan. 21, as higher drilling activity in international markets helped the oilfield services provider blunt a hit from slowing North America activity.
BP's finance chief Brian Gilvary is to step down in June after eight years in the role and will be replaced by a close ally of Bernard Looney who takes over as CEO next month.
Some 71% of senior oil and gas professionals and executives surveyed by DNV GL expect to increase or maintain investment in renewable energy, decarbonizing oil and gas production and new low-carbon technologies.