Turan Drilling & Engineering announced Tuesday it has been awarded a $500 million contract from BP for work offshore Azerbaijan.
The contract is for the operations and maintenance of seven platform drilling rigs operated by BP in the Caspian Sea, including the East, West and Central Azeri, Deepwater Gunashli, West Chirag, Chirag and Shah Deniz installations.
The initial term of the deal is for five years, with two one-year extension options that would lift the contract to $700 million.
The contract is the first for Turan, a joint venture between KCA Deutag and SOCAR AQS formed in July 2018.
Nasib Hasanov, Founder of Nobel Oil Services, SOCAR AQS's major shareholder, said, "This contract represents client recognition of our joint venture's capability and capacity to deliver complex projects with the application of the highest industry standards. Established as a local company, Turan is well positioned to provide significant cost efficiencies through combining the existing infrastructure, expertise and resources of its parent companies. This contract will also serve the development of local talent in the drilling industry and related services in Azerbaijan."
Norrie McKay, CEO of KCA Deutag said, "The Caspian onshore and offshore drilling and engineering market continues to be highly active, and we believe that our local presence puts us in a strong position to take advantage of other business development opportunities as they arise."
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