AQUATERRA Energy has been awarded a $3million contract from a “large joint-venture petroleum company” (BP and ENI unit IEOC) in Egypt to provide a high-pressure drilling riser for use in development work during 2010 and 2011 in the Mediterranean Sea.
The contract represents Aquaterra’s entry into the high-pressure riser rental market, a segment that the Norwich firm says is currently suffering from poor levels of competition, yet also growing demand due to differential costs between jack-up and semi-submersible drilling costs.
The Norwich-based offshore engineering specialist will provide a state-of-the-art full-bore riser to assist the client’s drilling programme. The riser will be capable of working at pressures up to 5,500 pounds per square inch.
The riser system will enable the client to drill and complete three development wells, Taurt 6, Taurt 7 and Ha’py 10, on the Ras El Baar concession from the Transocean Constellation II jack-up drilling rig.
The three-well programme is scheduled to commence from autumn 2010, with an estimated duration of eight to 10 months in water depths to 108m (354ft).
The contract adds to the company’s growing portfolio of riser and conductor products. Its management team sees jack-ups as the core market.
The riser just ordered will be a self-contained system that includes all necessary running equipment and power packs.
It will form a pressure-retaining conduit between the subsea wells and the surface BOP that facilitates the passage of drilling, completion and intervention equipment and tools.
Aquaterra’s MD, George Morrison, said in a statement: “This is a hugely significant contract for us and we are extremely grateful to our client for the opportunity to work with them.
“We can’t wait to deliver our experience, innovation and quality in this and subsequent riser rental projects. We see real growth for us in this market as more customers start to understand the advantages of drilling subsea wells with jack-ups.”