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Singapore’s Keppel installing drilling equipment on SOCAR rig

Oil&Gas Materials 27 October 2016 19:25 (UTC +04:00)

Baku, Azerbaijan, Oct. 27

By Maksim Tsurkov – Trend:

Singapore’s Keppel FELS Limited has started installation of drilling equipment on a new generation oil rig, which is being built by the company in Baku, a source familiar with the construction work told Trend.

Construction of the rig, which belongs to Azerbaijan’s state oil company SOCAR, is underway in accordance with the plan, the source noted.

“The work remaining includes installation of drilling equipment, as well as minor repairs,” said the source. “The installation is scheduled to be completed before late 2016, and this is the most important part of the work, which will be given special attention.”

The State Oil Fund of Azerbaijan (SOFAZ) will be a co-owner of the new drilling rig, which will be operated by Caspian Drilling Company (CDC), a subsidiary of SOCAR.

Construction of the drilling rig worth over $1 billion is planned to be fully completed in March 2017. The new drilling rig is designed for drilling of wells with a depth of up to 8,000 meters at a sea depth of 1,000 meters.

SOFAZ is financing the new generation floating drilling rig’s construction. The Fund has a 90-percent share in Azerbaijan Rigs LLC, which was created for the construction of the new rig. The remaining 10-percent share in the company is owned by SOCAR.

Since the beginning of the new generation floating drilling rig’s construction in Azerbaijan, SOFAZ has allocated $793.7 million for the project.

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Follow the author on Twitter: @MaksimTsurkov

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