Firstdrill Signs Joint Venture

Firstdrill Ltd proudly announces today the signing of a joint venture agreement with SOCAR (the State Oil Company of Azerbaijan Republic) and Target Petroleum.

Firstdrill, a fast growing privately owned drilling engineering company based in Bournemouth, Dorset, UK, will provide Operations Engineering support for the development of existing discoveries in the Caspian Sea. The Joint Venture will be known as the Azeri Drilling Company and will undertake in the first call, the drilling of 12 wells on two existing Azeri Fields, namely the 8th of March and the Bulla Field. The 8th of March Field was formed 10 years ago and is located 35 miles offshore South West of Baku.

Peter Redman, Firstdrill’s Managing Director, commented “We are extremely pleased and honoured to be working with SOCAR and Target Petroleum. Firstdrill is completely committed to the success of the Joint Venture, and we believe that the work over the years will be most interesting and rewarding.”