Speedy wins $50 million equipment rental services contract from ZADCO

UK-based equipment support service provider Speedy has been awarded a $50 million contract to provide logistics, asset management and equipment rental services for Zakum Development Company’s UZ 750 Upper Zakum field in Abu Dhabi, UAE.

Under the contract, Speedy will provide full range of logistics, asset management and equipment rental services to ZADCO on drilling and processing activities of the construction of four artificial islands. The contract is signed for a period of five years with an option to extend it up to two years.

Speedy won the deal as the subcontract partner to ESNAAD, the support services arm of Abu Dhabi National Oil Company. The use of artificial islands, as opposed to conventional offshore rigs, is to enable the use of land-based drilling techniques to attain ultimate recovery of 70% of the field’s proven reserves.

The UZ 750 Project is an offshore oilfield development project in the UAE and aims to increase oil production from the Upper Zakum field to 750,000 barrels a day and to sustain this level of production for at least 25 years.