Turan JV Secures Five-Year bp O&M Contract Potentially Worth $1 Billion
Turan JV between SOCAR AQS and Helmerich & Payne secured a five-year offshore O&M contract renewal from bp for eight Caspian Sea platforms starting March 2026. The agreement, potentially exceeding $1 billion with three one-year extensions, covers personnel deployment, maintenance execution, spare parts management, warehousing and new asset integrity engineering.
1. Contract Renewal Details
The joint venture Turan Drilling & Engineering, formed by SOCAR AQS and Helmerich & Payne, has renewed a five-year offshore operations and maintenance contract with bp in the Caspian Sea. The deal begins in March 2026 and includes options for three additional one-year extensions.
2. Financial and Operational Scope
The renewal carries a potential value exceeding $1 billion if all extension options are exercised. Turan’s scope encompasses personnel deployment, maintenance execution, spare parts management, warehousing and the introduction of a dedicated asset integrity engineering function.
3. Strategic Impact and Collaboration
This long-term agreement reinforces Turan’s regional expertise and shifts the bp–JV relationship toward a unified one-team framework. Emphasis on early engagement and shared performance objectives aims to improve operational efficiencies and unlock mutual value.