Italy's Saipem awarded two new offshore drilling contracts

Italian service company Saipem SpA said on Wednesday it has been awarded two new contracts for the charter of its Scarabeo 7 and Scarabeo 3 offshore drilling rigs. The combined value of the two contracts is approximately USD 530 million.

Scarabeo 7 will be used by Eni off the coast of Indonesia for three years beginning in the first quarter of 2008. Scarabeo 7 is a fourth generation semi-submersible rig capable of operating in water depths of up to 1,500 meters and drilling to depths of up to 8,500 meters.

Addax Petroleum will charter Saipem?s semi-submersible Scarabeo 3 rig for use off the coast of Nigeria, for one year beginning in the second quarter of 2007. Scarabeo 3 is a second generation semi-submersible rig capable of operating in water depths of up to 550 meters and drilling to depths of up to 8,000 meters.(alex)