The Kuwait Oil Company (KOC) has signed contracts worth $1.3 billion to buy over 86 drilling rigs, Kuwait Times reported.
CEO Jamal Jaafar said that the contract represents the largest order in the company’s history.
Jaafar pointed out that 30 rigs have so far been delivered from Chinese, American and Italian companies.
The company decided to buy the rigs due to their high rental price of between $12,000 and $14,000 per day.
Shuja Al-Ajmi, the Clean Fuel Project Manager at the Kuwait National Petroleum Company (KNPC), added that eight units were successfully upgraded and operated and 2,059 connection operations were made in the projects in record time.