Business
Helmerich & Payne, Inc. Joint Venture Secures Major Offshore Operations and Maintenance Contract in the Caspian Sea
TULSA, Okla., February 19, 2026--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.
About this update from Helmerich & Payne, Inc.
[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":480,"height":335,"url":"https://media.zenfs.com/en/business-wire.com/5e060bd4b8a6867603de38e59a78a0b4"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/0qrJRE00Qo_Eg6uET2DVbA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY3MDtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/5e060bd4b8a6867603de38e59a78a0b4","width":480,"height":335}},"lazy":false},{"type":"text","content":"TULSA, Okla., February 19, 2026--(BUSINESS WIRE)--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.","length":284,"tagName":"p"},{"type":"text","content":"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.","length":204,"tagName":"p"},{"type":"text","content":"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.","length":302,"tagName":"p"},{"type":"text","content":""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."","length":477,"tagName":"p"},{"type":"text","content":""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 ...