KOC (Kuwait Oil Company) awarded contracts for more than 86 drilling rigs. The deals’ total cost is $1.3bn.

Reportedly, local firms and Chinese, American and Italian companies won the contracts. Contractors have already installed 30 rigs, besides, they will deliver the rest in the coming months. Rig lease costs from $12,000 to $14,000 a day. KOC CEO Jamal Jaafar did not explicitly confirm the contractors, however, he confirmed pre-qualified firms include Schlumberger of the U.S., Saipem of Italy, China’s Sinopec, Canada’s Trinidad Drilling, KC Deutag of Scotland and Kuwaiti-based United Precision Drilling.

 

“It was the largest rig order in the KOC’s history…it is a three-year lease contract with an option for extension and is part of the company’s strategy to reach an oil production capacity of 3.65million barrels per day,” he added.