Mexico: Contract Extension for Jasminia Semi-submersible Accommodation Rig

Prosafe and Interpetroleum Services Limited have agreed to extend the bareboat contract for use of the semi-submersible accommodation rig Jasminia in the Cantarell field for Pemex in Mexico with 159 days.

This is the first of a series of mutually agreeable extensions with a duration of up to six months each. If all extensions are agreed, the contract will run until mid-February 2013.

The contract runs now until 8 June 2011. The value of the extension of the bareboat contract is about USD 7.2 million.

Cantarell Field or Cantarell Complex is the second largest oil field in Mexico and one of the largest in the world. It was discovered in 1976 by a fisherman, Rudesindo Cantarell. It was placed on nitrogen injection in 2000, and production peaked at 2.1 million barrels per day (330,000 m3/d) in 2003. Production declined rapidly after that, and by 2009 had fallen to 772,000 barrels per day (123,000 m3/d), making it Mexico’s second largest oil field after Ku-Maloob-Zaap.

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Source: Prosafe,September 30, 2010,