United Precision Drilling wins Kuwait rig order

18 February 2008

The local United Precision Drilling Company has won a contract, worth KD23.4m ($84m), to supply and operate a deep drilling rig for Kuwait Oil Company (KOC).

Under the terms of the five-year contract, United Precision will lease the rig to KOC and supply the personnel to operate it.

The rig itself will be used for onshore drilling operations.

KOC has spent more than $500m in the last 18 months on drilling rigs.

The price of rig hires has more than doubled in the last two years, as oil companies ramp up their exploration and development activities to meet the rising global demand for increased crude production.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.