Azerbaijan spends $859 mln to build a drilling rig

Since the construction of a new generation floating drilling rig in Azerbaijan from the State Oil Fund (SOFAZ), this project has been allocated $859.7mln.

According to sources in the Oil Fund, in the first quarter of 2017, the project was allocated $66mln.

The cost of the project is $1,116.7mln.

Previously, the president of the Azerbaijani state-owned SOCAR Rovnag Abdullayev said that in the process of building a new large floating drilling rig of a new generation, SOCAR managed to save about $60mln.

The State Oil Fund holds 90 percent in Azerbaijan Rigs LLC, created for the construction of a new platform. 10 percent of the stake in the LLC belongs to SOCAR.

The first drilling rig of the new generation is being built for SOCAR's needs.


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