IOOC Signs Contracts with Foreign, Domestic Firms

The Iranian Offshore Oil Company (IOOC) signed 85 operation, development, construction, and service contracts last year (ended March 19) as 15 of contracting parties came from foreign entities, said an official of the firm.
“Total value of the contracts was IRR 6,400 billion and 700 million euros based on 120 tender notices and 85 contracts with foreign and domestic parties,” Head of IOOC Contracts Department Salman Khosravi said.
Despite of financial and international restrictions, he added, IOOC has succeeded in attraction of partnership of competent companies.

He said the number of contracts increased 20 percent whereas in terms of value in faced 45 percent decline due to severe competition, plummeting oil prices, and lack of financing by some of tender bidders.
Expressing the hope that in post-sanctions era, the remaining tenders will be implemented, the official said that domestic companies and contractors will be given priority for execution of contracts.

“Three drilling rigs which were rented from foreign companies were substituted with the one owned by Iranian firms,” he added.


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