Pemex signs contracts for Seadrill jack ups

Petroleos Mexicanos (Pemex) signed 6-year drilling contracts to use Seadrill Ltd.’s jack up rigs West Oberon, West Intrepid, West Defender, and West Courageous in the Gulf of Mexico.

Petroleos Mexicanos (Pemex) signed 6-year drilling contracts to use Seadrill Ltd.’s jack up rigs West Oberon, West Intrepid, West Defender, and West Courageous in the Gulf of Mexico.

A fifth contract for the recently acquired jack up Prospector 3, renamed West Titania, is expected to be finalized during the second quarter.

Total revenue potential from the five contracts exceeds $1.8 billion, Seadrill said. The West Oberon is under construction. The West Defender and West Courageous had worked in southeast Asia until their contracts expired this year.

Seadrill also established SeaMex Ltd., a 50-50 joint venture with an investment fund controlled by Fintech Advisory Inc., to own and manage jack up rigs drilling for Pemex. SeaMex will pursue more opportunities across Latin America.

"This opportunity to expand our relationship with Pemex was partly developed on the back of Seadrill's successful operations with our ultra-deepwater semisubmersible West Pegasus in Mexico,” said Per Wullf, Seadrill chief executive officer.

Pemex in 2011 finalized an agreement with Seadrill’s affiliate, Sea Dragon de Mexico, to provide the West Pegasus, formerly Seadragon I (OGJ Online, Apr. 8, 2011).

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