$500 million awarded to Turan Drilling & Engineering company LLC

$500 million awarded to Turan Drilling & Engineering company LLC

oilTuran Drilling & Engineering company LLC has been awarded its first contract by BP Exploration (Caspian Sea) Limited (BP).

The value of the contract is about $500 million for the firm period of $700 million including all options including operations and maintenance of seven platform drilling rigs operated by BP in the Caspian Sea pursuant to Product Sharing agreements. Located in the Deepwater Gunashli at the East, West and Central Azeri, West Chirag, Chirag and Shah Deniz installations. The initiation term of five years with two one-year extension options.

Turan Drilling & Engineering company was created in July 2018. It is a joint venture between KCA Deutag, and SOCAR AQS. It is owned by the two companies and combines KCA Deutag’s expertise as the world leading drilling and engineering contractor with SOCAR AWS’s with knowledge, experience and infrastructure in the Caspian region.

SOCAR AQS major shareholder Mr Nasib Hasanov founder of Nobel Oil Services stated “SOCAR AQS is a leading integrated drilling contractor with proven capabilities and solid infrastructure in the Caspian region. We are very pleased that our joint venture, Turan Drilling & Engineering, has been awarded this contact, which is a significant milestone in its development. 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.”

 CEO of KCA Deutag Norrie McKay stated “KCA Deutag has worked in the Caspian for a number of years now, and we are delighted BP has recognised the strength of our new Azerbaijani joint venture with the award of this substantial contract to Turan Drilling & Engineering. 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.”

It is going to be a winning ticket for both BP and Turan Drilling & Engineering.