Seadrill updates PEMEX contracts, establishes of SeaMex JV
Seadrill has executed the final contracts with PEMEX for the jackup drilling units West Oberon, West Intrepid, West Defender, and West Courageous.
The fifth contract for the recently acquired jackup drilling unit,Prospector 3, renamed West Titania, is being processed for approval by PEMEX, and finalization is expected in 2Q 2014.
Each contract is for six years, and total revenue potential from the five contracts exceeds $1.8 billion.
Additionally, Seadrill has established SeaMex Ltd., a 50/50 joint venture with an investment fund controlled by Fintech Advisory Inc. SeaMex was formed for the purpose of owning and managing the jackup drilling units working for PEMEX, as well as to develop and pursue further opportunities in Mexico and other Latin American countries.