Socar Plans to Build Four Offshore Drilling Rigs for $4 Billion

State Oil Co. of Azerbaijan, also known as Socar, plans to build four floating drilling rigs in the next seven years at a total cost of $4 billion.

The rigs will have a capacity to drill for oil and natural gas in the Caspian Sea at a depth of 1,000 meters (3,281 feet), Socar President Rovnaq Abdullayev told reporters today in the Azeri capital, Baku.

As many as 15,000 people will be involved in the construction of the rigs, he said.

To contact the reporter on this story: Zulfugar Agayev in Baku at

To contact the editor responsible for this story: Hellmuth Tromm at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.