Kuwait-Mubasher: Gulf of Suez Petroleum Company (Gupco), a subsidiary of Gulf Petroleum Investment (GPI), has been awarded a drilling tender worth $59.4 million (KWD 18.16) presented by Pyramid Drilling Company.
The project will last for two years with one-year renewal option that is included in the total value of the contract tendered by Pyramid Drilling Company – also a fully owned subsidiary of Gulf Petroleum Investment.
The contract is expected to achieve $19.8 million (KWD 6.05 million) annual revenues, and 40% annual profits from revenues.
