First contract for JV
Turan joint venture wins $500m deal in Azerbaijan
BP operated Central Azeri Platform in the Azerbaijan sector of the Caspian Sea (courtesy of BP)
Turan Drilling & Engineering, a joint venture between KCA Deutag and Socar AQS, has been awarded its first contrac, worth $500 million to maintain seven rigs operated by BP Exploration in the Caspian Sea.
The contract extends to $700m, including all options beyond the initial five year term.
Formed in July last year, Turan Drilling & Engineering combines KCA Deutag’s experience as a drilling and engineering contractor with SOCAR AQS’s knowledge, experience and infrastructure in the Caspian region.
Mr. Nasib Hasanov, Founder of Nobel Oil Services, SOCAR AQS’s major shareholder, described the contract as “a significant milestone” for the joint venture.
“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,” he said.
Norrie McKay, CEO of KCA Deutag said, “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.
“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.”