Pemex lets another jack up contract for offshore Mexico

Petroleos Mexicanos (Pemex) has let an additional contract for a jack up rig to Borr Drilling Ltd., building on earlier contracts Borr calls “Cluster 2” for work offshore Mexico.

Petroleos Mexicanos (Pemex) has let an additional contract for a jack up rig to Borr Drilling Ltd., building on earlier contracts Borr calls “Cluster 2” for work offshore Mexico.

In the most recent contract, Pemex secures a third modern jack up drilling rig expected to work for 18 months starting in this year’s fourth quarter. The contract is expected to be based on the same economics and structure as the first two contracts.

In March, a Borr Drilling subsidiary, in partnership with OPEX Perforadora SA de CV, received an award from Pemex under which it was contracted to drill nine offshore development wells under an integrated services model. The scope includes the deployment of two of Borr’s newbuild jack ups—Grid and Gersemi—for 18 months. The Grid unit has arrived on site and is beginning its contract while the Gersemi rig is expected to begin shortly.

The new contract is Borr’s fourth contract award in Mexico in less than 9 months.

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