​Turan said that the contract has been awarded for a value of approximately $500m for the firm period or $700m including all options, for the drilling rigs operated by BP in the Caspian Sea pursuant to Product Sharing Agreements.

The rigs include the East, West and Central Azeri, Deepwater Gunashli, West Chirag, Chirag and Shah Deniz installations. The contract will be for an initial term of five years, with two one year extension options.

In July 2018, Turan Drilling & Engineering was formed is a joint venture between KCA Deutag and SOCAR and is jointly owned by both the companies. It was created to grow their operations in Azerbaijan

SOCAR AQS major shareholder Nobel Oil Services founder Nasib Hasanov said: “SOCAR AQS is a leading integrated drilling contractor with proven capabilities and solid infrastructure in the Caspian region. We are very pleased that our joint venture, Turan Drilling & Engineering, has been awarded this contact, which is a significant milestone in its development.

“This contract represents client recognition of our joint venture’s capability and capacity to deliver complex projects with the application of the highest industry standards. Established as a local company, Turan is well positioned to provide significant cost efficiencies through combining the existing infrastructure, expertise and resources of its parent companies.”

​Turan claims that it combines the drilling and engineering contractor expertise of KCA Deutag along with the advanced knowledge, experience and infrastructure of SOCAR in the Caspian region.

KCA Deutag CEO Norrie McKay said: “KCA Deutag has worked in the Caspian for a number of years now, and we are delighted BP has recognised the strength of our new Azerbaijani joint venture with the award of this substantial contract to Turan Drilling & Engineering.

“The Caspian onshore and offshore drilling and engineering market continues to be highly active, and we believe that our local presence puts us in a strong position to take advantage of other business development opportunities as they arise.”Turan