Turan Drilling & Engineering Company, a joint venture (JV) firm between KCA Deutag and SOCAR AQS, has secured a $500m contract from BP Exploration (Caspian Sea) in Azerbaijan.

The scope of the contract involves operations and maintenance services of seven BP-operated platform drilling rigs in the Caspian Sea. The seven rigs are East, West and Central Azeri, Deepwater Gunashli, West Chirag, Chirag and Shah Deniz installations.

SOCAR AQS shareholder Nasib Hasanov said: “This contract represents client recognition of our joint venture’s capability and capacity to deliver complex projects with the application of the highest industry standards.

“Established as a local company, Turan is well positioned to provide significant cost efficiencies through combining the existing infrastructure, expertise and resources of its parent companies.

“This contract will also serve the development of local talent in the drilling industry and related services in Azerbaijan.”

“This contract will also serve the development of local talent in the drilling industry and related services in Azerbaijan.”

The initial term of the contract is five years with two one-year extension options, which if exercised will increase the contract value to $700m.

KCA Deutag CEO Norrie McKay said: “The Caspian onshore and offshore drilling and engineering market continues to be highly active, and we believe that our local presence puts us in a strong position to take advantage of other business development opportunities as they arise.”