M-I SWACO Awarded Significant Multi Service Contract in Angola, West Africa
Smith International, Inc. (NYSE: SII) announced today that M-I SWACO has been awarded a substantial multi services contract inclusive of drilling and completion fluids, drilling waste management, filtration, wellbore clean up tools, vessel cleaning and related services by Cabinda Gulf Oil Company Limited, a subsidiary of Chevron. The six year agreement (with option for two additional years) that begins June 2010 is expected to result in approximately $800 million in revenues over the life of the contract.
This contract routinely services 6 to 10 drilling rigs offshore Cabinda, Angola in Blocks 0 (shallow water) and Block 14 (deepwater). It is one of the largest individual, multi service contracts throughout West Africa. The size, duration and scope of the contract will ensure M-I SWACO's participation and presence in the Angolan market for years to come.
"This contract award affirms the excellent customer service and product performance that M-I SWACO continues to provide to customers," stated John Yearwood, President and CEO of Smith International, Inc.
Chris Rivers, President and CEO of M-I SWACO added, "The continuation of our relationship with Cabinda Gulf Oil Company is truly valued. This award demonstrates our leadership in providing best-in-class solutions in the highly technical and challenging offshore market of Angola."
Posted 19/04/2010
M-I SWACO, which is based in Houston, TX and jointly owned 60% by Smith International, Inc. and 40% by Schlumberger Limited (NYSE:SLB), is a leading provider of a wide range of products and engineering services designed to deliver Drilling Solutions, Environmental Solutions, Wellbore Productivity and Production Technologies. The company is strategically located in more than 70 countries.
Smith International, Inc. is a leading supplier of premium products and services to the oil and gas exploration and production industry. The Company employs over 22,000 full-time personnel and operates in over 80 countries around the world.
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