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Helmerich & Payne, Inc. Joint Venture Secures Major Offshore Operations and Maintenance Contract in the Caspian Sea
Turan Drilling and Engineering Company LLC (TURAN), a joint venture with Helmerich & Payne (H...
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[{"type":"text","content":"Helmerich & Payne, Inc. Joint Venture Secures Major Offshore Operations and Maintenance Contract in the Caspian Sea\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwuline { text-decoration: underline }\n \n\n\n\n Turan Drilling and Engineering Company LLC (TURAN), a joint venture with Helmerich & Payne (H&P), has been awarded a long-term offshore operations and maintenance contract renewal by bp in the Caspian Sea, offshore Azerbaijan.\n \n\n The contract renewal has a firm duration of five years, with three one-year extension options, and is effective March 2026. If all option periods are exercised, the contract value could exceed $1 billion.\n \n\n Under the agreement, TURAN will provide operations and maintenance services for eight offshore platforms, delivering a service scope that covers personnel, maintenance execution, spare parts, warehousing and the deployment of a newly established asset integrity and fabric maintenance engineering team.\n \n\n “This contract renewal reflects the strength of our long-standing partnership with bp and the consistent performance our teams have delivered in the Caspian region over multiple decades,” said Trey Adams, president, H&P. “Our offshore operations provide long-term, contract-based services with predictable activity profiles, which differentiate this business within our portfolio and enhance the stability of our overall earnings through market cycles.”\n \n\n “This new long-term drilling operations contract marks a renewed chapter in our longstanding Azerbaijan partnership,” said Ole Maier, senior vice president, offshore “It establishes the foundation for a wells delivery alliance, which will be built on deeper collaboration, early engagement, shared performance objectives and a unified approach to delivering the production goals that the country requires. It establishes a refreshed operational relationship - one that is stronger and reshapes the traditional operator‑contractor model into a true one‑team framework. We look forward to enhancing the approach to solving problems together and unlocking mutual value.”\n \n\n The award reflects TURAN’s long-standing operational presence in the Caspian region and builds on decades of safe and reliable offshore service delivery....