Kuwait Drilling awarded $209.3mn contract by KOC
Contract was signed for five years with one year renewal option
Kuwait Drilling Company, a subsidiary of Contracting and Marine Services based in Kuwait City, has won a $209.3mn contract from Kuwait Oil Company (KOC), the company said in a bourse statement this week.
The contract was signed for five years with the option to be renewed for another year. Annual profit from the project is estimated at 3%, amounting to $39.3mn for the entire contract duration.
In July, the drilling firm won another tender by Kuwait Oil Company worth $112.4mn.
Kuwait Drilling Company provides well-drilling and related services to the oil gas industry.
The company specialises in deep exploration, medium and shallow drilling activities, as well as work-over services of existing oil wells.
It also offers support for operations, such as water well services, and logistics.