Source: Smith International
The Smith International (SII), Schlumberger (SLB) joint venture M-I SWACO has been awarded a substantial multi services contract inclusive of drilling and completion fluids, drilling waste management, filtration, wellbore clean up tools, vessel cleaning and related services by Cabinda Gulf Oil Company Limited, a subsidiary of Chevron. The six year agreement (with option for two additional years) that begins June 2010 is expected to result in approximately $800 million in revenues over the life of the contract.
This contract routinely services 6 to 10 drilling rigs offshore Cabinda, Angola in Blocks 0 (shallow water) and Block 14 (deepwater). It is one of the largest individual, multi service contracts throughout West Africa. The size, duration and scope of the contract will ensure M-I SWACO’s participation and presence in the Angolan market for years to come.
“This contract award affirms the excellent customer service and product performance that M-I SWACO continues to provide to customers,” stated John Yearwood, President and CEO of Smith International, Inc.
Chris Rivers, President and CEO of M-I SWACO added, “The continuation of our relationship with Cabinda Gulf Oil Company is truly valued. This award demonstrates our leadership in providing best-in-class solutions in the highly technical and challenging offshore market of Angola.”
M-I SWACO, which is based in Houston, TX and jointly owned 60% by Smith International, Inc. and 40% by Schlumberger Limited (NYSE:SLB), is a leading provider of a wide range of products and engineering services designed to deliver Drilling Solutions, Environmental Solutions, Wellbore Productivity and Production Technologies. The company is strategically located in more than 70 countries.