Start-up on Kuwait Oil Company's Halliburton rigs from July 2020
American builder signs extendable six-month integrated offshore drilling services contract with Kuwaiti giant
American contractor Halliburton has signed a contract with Kuwait Oil Company to provide integrated offshore drilling services for six high-pressure high-temperature (HPHT) exploration wells on two jack-up rigs in the Arabian Gulf through its Halliburton Project Management unit.
The American firm will provide and manage drilling, fluids, wireline and perforating, well testing, coring, cementing, coiled tubing, and all offshore logistical services as part of its contract.
Halliburton will also provide the offshore rigs and supply vessels for the project through its contract, which includes a three-year term with a six-month extension option.
Work on the project is expected to begin in mid-2020, according to a press statement by Halliburton, with start-up on each rig expected in July 2020 and January 2021.
According to a Bloomberg report, the contract is valued at $597m (KWD181.4m).
Commenting on the contract, Halliburton's president for its Eastern Hemisphere business, Joe Rainey, said: “We are grateful for the opportunity to collaborate with Kuwait Oil Company and implement our integrated services and innovative technologies to accelerate offshore development, reduce drilling and completions costs and increase recovery.”
Chief executive officer of Kuwait Oil Company, Emad Mahmoud Sultan, added: “As part of our plan to increase production capacity by charting new territory in Kuwait’s offshore reserves, we are pleased to announce that we will be working on this ambitious project alongside one of our closest business partners, Halliburton, which will be assisting us through the provision of its many years of experience in the field of offshore exploration and production.”