Total close to deal over next-generation rig for Absheron field in Caspian Sea

Deepwater Horizon floating oil rig in the Gulf of Mexico

France’s Total company and Azerbaijan’s state-run SOCAR are close to completing negotiations on the completion and delivery of a next-generation floating oil rig scheduled for use in the Absheron gas field in Azerbaijan’s sector of the Caspian Sea.
“Total hopes for a speedy conclusion of the negotiations, given that the rig will be ready by late 2016, but it depends on both sides,” a source within Total said last week. “At present, this issue is being actively discussed. The parties have made considerable progress in negotiations and are close to a final agreement. It is expected that the final agreement will be reached in the next few weeks.”
Work on the $1.1bn new  rig – which has been designed to drill wells up to depths  of  8,000 meters under  1,000 meters of water – began and should be completed by the end of 2016.

Source: TREND