Saipem signs contracts worth US$250 million with Saudi Aramco

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Italian oil service company Saipem has signed five contracts with Saudi Aramco worth US$250 million

The contracts for the charter of 2,000-HP and 1,500-HP onshore drilling rigs are set for periods from three to five years, starting at different times between the second half of 2012 and Q3 2013.

In view of the contracts signed, Saipem will be expanding its onshore fleet by buying three new rigs, while the rest will be transferred to Saudi Arabia from other areas.

In a statement, Saipem said that the awarding of these contracts strengthened its "long-standing relationship with Saudi Aramco" and would reinforce its presence in the country, where it is currently operating two jack-ups and 10 onshore rigs, as well as carrying out a number of onshore and offshore EPC contracts.

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