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Mon 19 Nov 2018 10:42 AM

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Kuwait Oil Company signs record $1.3bn deal

Kuwait Oil Company's order to buy 86 drilling rigs is its largest ever

Kuwait Oil Company signs record $1.3bn deal
KOC opted to purchase the rigs, instead of leasing them, because of the daily rate of between $12,000 and $14,000 per rig.

Kuwait Oil Company (KOC) placed orders for drilling rigs valued at $1.3 billion, according to CEO Jamal Jaafar. 

The government-owned firm, a subsidiary of the holding company Kuwait Petroleum Corporation, signed contracts to buy 86 drilling rigs - the largest order in its KOC’s history, Kuwait Times reported.

He added that 30 rigs have already been delivered by the contracted firms from China, US and Italy. 

KOC opted to purchase the rigs, instead of leasing them, because of the daily rate of between $12,000 and $14,000 per rig, Jaafar said.

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