Saipem has been awarded a 3-year contract by the Norwegian oil company Statoil extending the charter of the semi-submersible rig Scarabeo 5 for drilling activities in the Norwegian part of the North Sea. The contract is worth approximately $550 million and will start in the third quarter of 2014.

Scarabeo 5 is a fourth-generation semi-submersible rig capable of operating in water depths of up to 2,000 metres and drilling to depths of up to 9,000 metres. Scarabeo 5 has been working continuously since 1990 in the Norwegian sector of the North Sea, one of the most demanding areas due to strict environmental regulations and harsh weather conditions.