Iran, Russia sign $1 billion contract to build offshore drilling rigs

Tehran, Aug 27, IRNA – Iranian and Russian companies signed contract to build five offshore drilling rigs with the aim to explore and extract oil and gas in the Persian Gulf field worth one billion dollars.

The contract was signed here on Saturday afternoon between Managing Director of Tasdid Offshore Development Company Ehsan Mousavi and CEO of Krasnye Barrikady Alexander Ilyichev.

The Russian company is to provide 85 percent worth of the contract.

The drilling rigs are to be built in Khorramshahr port city within next two years.