Rompetrol Upstream purchased from UPET Târgovişte a new drilling and workover rig, for more than $3.5 million. The new acquisition is of a high standard and is equipped in compliance with the demands of the international practices of the business. The installation will be used in Libya, where Rompetrol Upstream, by means of its Drilling and Workover Division, operates two rigs providing specialized services. This investment will generate an increase of the gross revenues by more than 30 percent and of the net profit by 20 percent compared to last years’ figures.
“The permanent demand from our foreign partners for drilling and workover services, is based on the special technical performance recorded by Rompetrol Drilling and Workover Division on sites abroad. We started meeting their increased demands last year following important investments in high performance equipment. We will continue making similar acquisitions. In Libya, Rompetrol is already known among the local operators as the leader of the “difficult workover operations” segment and the only contractor on the market holding ISO certification from the prestigious Germanischer Lloyds”, said Gheorghe Georgescu, director of Rompetrol Upstream Drilling and Workover Division.
In 2005, this division developed its activity mainly in Libya. The services offered on this market diversified by including among the basic cementing of the water rigs, pumping and pressure testing, HSE consulting, repairs and sealing of the oil rigs. For this year, the division aims to develop the workover activity with the new installation starting in Q2, and at the same time expand its international activity in the North African region or the Middle East.