New contracts for Drillmec and petreven worth about 120 Million usd

April 08, 2014

Cesena, 8 April 2014 – Drillmec and Petreven, TREVI Group companies specialized in the manufacturing of oil drilling rigs and services, have been awarded new contracts worth about 120 million USD from Eni and YPF.

For Eni: Drillmec will provide three new hydraulic technology HH-300 (Hydraulic Hoist) rigs that will be utilized by the joint venture (PetroJunín), formed by PDVSA (60%) and Eni (40%) for onshore drilling in Venezuela. The innovative design of these HH offshore rigs will ensure full execution of all crude oil extraction activities while significantly reducing operating costs for our customer. The HH rigs will be produced and tested at the Drillmec factories in Piacenza, Italy and Houston, Texas (USA) and will then be subsequently transferred and installed in the “Junin 5” oil field located in the Faja del Orinoco in Venezuela, 550 km south-east of Caracas in an area under development, with a capacity of 35 billion barrels of oil.

For YPF: Petreven in Argentina, has signed a new three years contract relative to the drilling rig Drillmec HH-102. The contract also provides for the extension of two further years and the commencement of drilling activities in the coming weeks.

The CEO of Drillmec, Simone Trevisani commented: "The acquisition of these new orders further confirms the strong interest in the HH Series of Drillmec. The superiority of Drillmec’s hydraulic rigs will ensure optimal performance for drilling and at the same will allow a significant reduction in costs to our customer. We are very pleased to take active part as a technology partner in the oil drilling activities in Venezuela and we are convinced that the Oil & Gas sector will continue on its path of growth and greater added value for the Group”.

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