Middle East Economic Survey

VOL. XLVIII

No 15

11-April-2005

EGYPT

IEOC Awards Offshore Drilling Contract To Saipem

Enis Egyptian subsidiary International Egyptian Oil Company (IEOC) has awarded a contract to Saipem, another member of the Eni Group, to drill four wells offshore Egypt. The contract involves chartering the semi-submersible drilling rig Scarabeo 4 for as many as eight months. Drilling is to begin in June 2005 and IEOC has an option to extend the contract for a further two wells.