In a statement, the company said the contracts involve the charter of 32 onshore rigs with varying power capacities for drilling activities in South America - mainly Venezuela and Peru - and Ukraine. Of the 32 rigs, 13 are newly built. Investment in the newly built units is worth about EUR300 million, Saipem said.
Drilling activities will begin between the third quarter of 2008 and the second quarter of 2009 for the existing rigs. Drilling operations from the new units will begin between the fourth quarter of 2008 and the first quarter of 2009.