Global drilling and engineering contractor KCA Deutag’s land drilling operation has won three new contracts in Russia worth approximately $168 million on July 15.
These contracts are for eight high performance land rigs, seven of which were previously built by Bentec, KCAD’s rig and oilfield equipment manufacturer.
The first contract is with an existing client for five of those rigs to carry out drilling operations in two fields in Eastern Siberia. Each rig is expected to drill for varying periods of between three and four years. The contract increases the number of rigs we currently have operating for this client from four to five.
The next contract is for two 1500 HP Cluster Slider rigs which will drill in Northern Russia. It is an extension to an existing contract and will run until December 31, 2021.
In addition to this KCAD has won a new contract for one of its 2000 HP land rigs to drill four wells in Southern Russia. This has an estimated duration of five months per well.
“Our fleet in Russia continues to see high utilization and we are delighted that clients are recognizing the high quality of our services and strong performance by awarding us these contracts in what continues to be a tough market,” Simon Drew, president of Land, said.
Recommended Reading
Woodside Reports Record Q3 Production, Narrows Guidance for 2024
2024-10-17 - Australia’s Woodside Energy reported record production of 577,000 boe/d in the third quarter of 2024, an 18% increase due to the start of the Sangomar project offshore Senegal. The Aussie company has narrowed its production guidance for 2024 as a result.
Utica Oil E&P Infinity Natural Resources Latest to File for IPO
2024-10-05 - Utica Shale E&P Infinity Natural Resources has not yet set a price or disclosed the number of shares it intends to offer.
Analyst: Is Jerry Jones Making a Run to Take Comstock Private?
2024-09-20 - After buying more than 13.4 million Comstock shares in August, analysts wonder if Dallas Cowboys owner Jerry Jones might split the tackles and run downhill toward a go-private buyout of the Haynesville Shale gas producer.
Chevron Moving HQ, CEO from California to Houston
2024-08-02 - Chevron Chairman and CEO Mike Wirth and Vice Chairman Mark Nelson will relocate to Houston, where much of Chevron’s other top leadership is already based.
Investor Returns Keep Aethon IPO-ready
2024-10-08 - Haynesville producer Aethon Energy is focused on investor returns, additional bolt-on acquisitions and mainly staying “IPO ready,” the company’s Senior Vice President of Finance said Oct. 3 at Hart Energy’s Energy Capital Conference (ECC) in Dallas.