TURAN Drilling and Engineering Company LLC, a joint venture with Helmerich & Payne (HP), announced on Thursday that it has secured a long-term offshore operations and maintenance contract renewal from bp for work in the Caspian Sea, offshore Azerbaijan.
The agreement runs for five years starting March 2026 and includes three optional one-year extensions. If fully exercised, the total value could surpass $1 billion. TURAN, an oil and gas services company, will support eight offshore platforms, providing personnel, maintenance services, spare parts management, warehousing, and a newly formed asset integrity and fabric maintenance engineering team.
The award reinforces TURAN's longstanding presence in the region and strengthens its collaborative partnership with bp in Azerbaijan's offshore energy sector.
HP is currently trading at $35.55, up $0.76 or 2.18 percent on the New York Stock Exchange.
For comments and feedback contact: editorial@rttnews.com
Business News
April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.