KCA Deutag awarded $170 million in contract extensions
KCA Deutag has secured contract extensions and options totaling over $170 million, with the majority focused on extensions with existing clients across core markets in the Middle East.
Two of the company’s 2,000-hp desert rigs in Oman have been awarded a total of three firm years and four optional years as an extension to their existing contracts. In total, these two contracts add revenue of around $80 million during the firm and optional periods. A rig in Saudi Arabia received a five-year firm extension valued at around $60 million.
Other wins for rigs in Kurdistan and Pakistan, both for continuation with existing clients, add another $19 million in revenue. The balance of the work comes in Europe, with one contract drilling in the oil and gas market, one geothermal contract and the third drilling for salt extraction.
“Securing contract extensions with multiple clients demonstrates the high levels of trust and customer satisfaction we have worked hard to establish with our partners, through delivering strong safety and operational performance whilst offering a competitive overall package,” said KCA Deutag President Simon Drew.
