Seadrill secures contracts with PEMEX for 4 jackups

PEMEX has awarded six-year drilling contracts to Seadrill’s West Oberon, West Intrepid, West Defender and West Courageous jackups. A fifth contract for the recently acquired jackup, Prospector 3, renamed West Titania, is expected to be finalized during Q2 2014. Total revenue potential of the five contracts exceeds $1.8 billion.

Seadrill also established SeaMex, a 50-50 joint venture with an investment fund controlled by Fintech Advisory, to own and manage jackups working for PEMEX. SeaMex will pursue more opportunities in Mexico and 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,” Per Wullf, CEO of Seadrill, said. “Seadrill sees recent developments in Mexico, such as new petroleum legislation, PEMEX’s expansion plans and recent large deepwater discoveries as supportive to the great opportunity to expand business within the country.”