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Rigs report: US$300M contract for KCA Deutag and SOCAR JV; Borr Drilling inks LoI for 2024 campaign
Turan Drilling & Engineering has seen a US$300M contract extension for continued offshore drilling operations and maintenance services in Azerbaijan, and Borr Drilling has revealed pending deals, contracts and fleet moves
Turan Drilling & Engineering, jointly owned by KCA Deutag and SOCAR AQS, did not reveal the name of the ’existing customer’ awarding the ongoing contract extension, but the company has done work for BP in the past.
Launched in mid-2018 to "target existing and future opportunities in the offshore and onshore Caspian drilling and engineering market," the company won a US$500M contract with BP Exploration (Caspian Sea) Ltd in Azerbaijan in April 2019. That contract, for operations and maintenance of seven platform drilling rigs operated by BP in the Caspian Sea, also offered an additional US$200M in options. In 2020, Turan Drilling & Engineering said BP had awarded a contract amendment to include management procurement, maintenance and warehouseing activities for BP.
The two-year extension just announced, effective from April 2024, will see the company continue to deliver drilling operations and maintenance as well as procurement and warehouse management services across eight offshore platforms for its unnammed customer.
Borr Drilling has given an update on its rig-related activities between August and September 2023, notably taking in a letter of intent (LoI) in September 2023 for jack-up rig Idun relating to plans for a 24-month-long programme in southeast Asia set to start in January 2024.
"We expect this LoI to be converted into a firm contract in October 2023. The contract value for this award is expected to be around US$124M," the company said.
In August 2023, Borr’s jack-up rig Arabia III began a five-year firm contract with Aramco, the state-owned petroleum and natural gas company of Saudi Arabia.
"The contract started ahead of schedule, continuing the track record of Arabia I and Arabia II, which started their respective three-year contracts with Aramco in Q4 2022," Borr said.
Also in August 2023, jack-up rig Hild completed a transit to Mexico where it is undergoing final preparations ahead of its maiden contract with Fieldwood. The rig will replace another of Borr’s jack-up rigs, Ran, which is on contract with the same customer and will be mobilised to take on its new contract.
"Hild is expected to commence its contract in mid-October. Concurrently, Ran will be mobilised to its subsequent contract with Total in Mexico, expected to commence in the second half of October 2023," Borr said.
In September 2023, Borr jack-up rig Gerd completed a transit from Africa to the UAE and is currently undergoing preparations ahead of its upcoming contract with Bunduq.
"Following discussions with the customer, we now anticipate Gerd will commence its contract in mid-November, ahead of the previously announced schedule," Borr said.
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