Saipem has been awarded a five-year contract for the charter of the newly built deepwater semi-submersible drilling rig Scarabeo 8 by Eni Norge. The contract is worth USD 840 million.

The contract is for drilling operations in the North Sea and will be executed between the third quarter of 2009 and the third quarter of 2014. Eni Norge has the option to extend the contract for a maximum of a further two years.

The new rig is currently under construction at Severodvinsk yard, Russia, while the installation of drilling equipment will be carried out in a yard located in Western Europe, presently under definition. The rig is scheduled for delivery in the third quarter of 2009.

The estimated capital expenditure for the hull fabrication and the purchase and installation of the drilling equipment is estimated at 490 million euro.

The 6th generation Scarabeo 8 will be capable of operating in water depths of up to 3,000 meters, in full dynamic positioning and of drilling to depths of up to 10,000 meters; it will also have a variable deck load of more than 6,000 tons.