Designed for use with oil and gas, the rig will have a hook load of 375 tonnes. Production of the first rig is scheduled to start in 2015.

The contract is expected to benefit both companies, says Professor Thomas Bauer, chairman of the management board at Bauer AG. "The cooperation with an established and renowned drilling contractor such as Saxon marks another major step forward for us in expanding our deep drilling operations.”

Saxon Energy Services decided to collaborate with Bauer because of its reputation for producing innovative machinery manufacturing, familiarity with the automation of unconventional drilling rigs and flexibility of its development work. Saxon is owned by Schlumberger, a top provider of oilfield services.

For more information on the agreement, visit www.bauer.de or www.saxonservices.com.

Bauer Group offers services, equipment and other products for a variety of foundation drilling and civil engineering sectors. Founded in 1790, the company now employs more than 10,000 people worldwide.