Kuwait Oil Company's order to buy 86 drilling rigs is its largest ever
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.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.