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.
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