Turan Drilling and Engineering, a joint venture between Helmerich & Payne and Socar, has secured a significant long-term renewal for its offshore operations and maintenance contract with BP for assets in the Caspian Sea offshore Azerbaijan.

Contract Duration and Value

The renewed contract has a firm five-year term starting March 2026, with three separate one-year extension options. If all extension options are exercised, the total contract value has the potential to exceed $1 billion.

Scope of Services

Under the agreement, Turan will provide comprehensive operations and maintenance services for eight offshore platforms. The service scope includes supplying personnel, executing maintenance, managing spare parts and warehousing, and deploying a newly established asset integrity and fabric maintenance engineering team.

Strategic Significance and History

This contract award is characterized as providing long-term, predictable activity that enhances earnings stability. It reflects Turan's established operational presence and decades of safe, reliable service delivery in the Caspian region. Helmerich & Payne has been operating in Azerbaijan since the mid-1990s, supporting BP's offshore assets with integrated drilling, maintenance, and engineering capabilities.

New Collaborative Framework

The contract is described as marking a renewed chapter in the partnership and establishing the foundation for a wells delivery alliance. This new framework is built on deeper collaboration, early engagement, shared performance objectives, and a unified approach to meeting production goals. It aims to reshape the traditional operator-contractor model into a stronger, refreshed operational relationship based on a "one-team" framework.