Agreement on trust management

As part of the Memorandum of Understanding signed between KMG NC and SOCAR on January 26 in Baku, "Caspian Drilling Company Ltd" represented by General Director Farid Akhundov and KMG Drilling & Services LLP represented by General Director Andar Shukputov signed the agreement on trust management of Juckup Drilling Rig "Satti" on Febuary 16, 2019 in Astana. The signing ceremony was witnessed by SOCAR president Rovnag Abdullayev and chairman of the Management Board of KazMunayGas NC JSC Alik Aidarbayev.

The agreement provides for the upgrade of juckup drilling rig and its use in drilling operation projects in the Caspian Sea. It is supposed to use the JUDR in the Absheron structure(SWAP) being developed jointly by SOCAR and BP, as well as on other projects in the Caspian Sea.

Modernization of JUDR will ensure safe and effective drilling of exploration wells with a depth of over 6 thousand meters and will also increase the competitiveness of the jackup rig in the Caspian Sea drilling services market. Caspian Drilling Company Ltd, which has extensive experience in upgrade management and construction of drilling rigs, will lead the modernization of the JUDR Satti in Baku. After completing the modernization of the drilling rig, Caspian Drilling Company Ltd will conduct operational management over the asset.