HAMILTON, Bermuda – Pemex has agreed terms with Seadrill affiliate Sea Dragon de Mexico for a five-year drilling assignment offshore Mexico.
The ultra-deepwater semisubmersibleWest Pegasus (previously Seadragon I) will perform the assignment, which has a fixed operating day rate for the first two years. Thereafter, the day rate will be adjusted annually based on market conditions.
The estimated contract value is $850 million (excluding the mobilization fee), assuming a constant day rate over the five-year term.
West Pegasus was recently delivered from the Jurong Shipyard in Singapore and mobilized to Mexico on April 1. Operations are due to start this summer.