The six year agreement begins in June 2010 and is expected to result in approximately US$800 million in revenues over the lifetime of the contract.
The M-I SWACO contract routinely services 6–10 drilling rigs offshore Cabinda, Angola in Blocks 0 (shallow water) and Block 14 (deepwater) and is one of the largest individual, multi service contracts in West Africa.
Chris Rivers, president and CEO of M-I SWACO, said: “The continuation of our relationship with Cabinda Gulf Oil Co 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 headquartered in Houston, Texas, is jointly owned 60% by Smith International Inc and 40% by Schlumberger Ltd.