LeTourneau backed by Ex-Im Bank delivers jackup

LeTourneau Technologies Inc. has delivered the newbuild jackup Panuco to a subsidiary of Perforadora Central S.A. de C.V. of Mexico.

Offshore staff

WASHINGTON, D.C. -- LeTourneau Technologies Inc. has delivered the newbuild jackup Panuco to a subsidiary of Perforadora Central S.A. de C.V. of Mexico. The $130-million export is backed by a $54-million guaranteed loan from the Export-Import Bank of the US. This is the first financing of a MODU to be guaranteed by the bank, according to Ex-Im.

Under the terms of the contract, Ex-Im Bank provides a guarantee of 8.5 years of a 10-year loan from the guaranteed lender BBVA Bancomer of Mexico City.

Panuco, the LeTourneau-designed and built Super 116E jackup, can operate in up to 350-ft (107-m) water depth. This is LeTourneau's first rig delivery to the Perforadora Group, which provides services exclusively to Pemex, according to Ex-Im.

6/28/2007


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