Mexico: Deepwater gulf drilling eyed in 2011

Pemex Exploration & Production signed a final agreement with the Sea Dragon de Mexico affiliate of Seadrill Management AS to provide the West Pegasus, formerly Seadragon I, ultradeepwater semisubmersible for work in the Gulf of Mexico off Mexico.

By OGJ editors
HOUSTON, Apr. 8
– Pemex Exploration & Production signed a final agreement with the Sea Dragon de Mexico affiliate of Seadrill Management AS to provide the West Pegasus, formerly Seadragon I, ultradeepwater semisubmersible for work in the Gulf of Mexico off Mexico.

West Pegasus was recently delivered from the Jurong Shipyard in Singapore and proceeded for mobilization to Mexico on Apr. 1. Operations are to start in the third quarter of 2011.

The 5-year assignment in Mexico has a fixed operating day rate for the first 2 years, and the day rate will be adjusted annually thereafter based on market conditions. Estimated contract value is $850 million excluding mobilization fee assuming a constant day rate over the 5-year term.

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