New multi-million drilling gig keeps jack-up rig busy off Mexico

Offshore drilling player SeaMex, a subsidiary of Bermuda-based Paratus Energy Services Limited – formerly Seadrill New Finance Limited, which acts as the holding company of a group of energy services companies – has won a new drilling assignment for one of its jack-ups, enabling the rig to carry out operations offshore Mexico for another year.

Titania jack-up rig; Source: Paratus

The one-year contract in Mexico, which will contribute approximately $55 million in backlog, is for the Titania jack-up rig. This deal is slated to start around mid-February 2024. Paratus remains optimistic about future contracting opportunities for the SeaMex Group fleet.

While SeaMex received a termination notice from Pemex regarding the Titania jack-up rig, with an effective termination date of March 16, 2023, the rig continued to operate uninterrupted under its existing contract with the Mexican energy giant, thanks to a well completion clause.

In October 2023, SeaMex remained in dialogue with Pemex regarding a new contract for the Titania rig and was also actively engaged with third parties regarding other near-term opportunities. Paratus has now confirmed that this jack-up rig will operate in direct continuation of existing work under the new contract award.

With a maximum drilling depth of 30,000 ft and a water depth capacity of up to 400 ft, the 2014-built Titania is an independent leg cantilever jack-up rig of F&G JU2000E design, which was constructed at Dalian Shipyard in China.

Raphael Siri, CEO of SeaMex Group, commented: “We are pleased to announce that the Titania will continue her operations without interruption. Our long-standing business in Mexico continues to develop with this latest award, which also highlights the successful take-over from our previous rig manager of all business aspects, including marketing and operations. These are now all based in Mexico and run in-house.”

After Seadrill sold its entire 35% stake in Paratus – through which investments in SeaMex Group, Seabras Sapura, and Archer are held – the operations of SeaMex, including client management and operational decisions, have changed hands from Seadrill Management to the SeaMex leadership team in Mexico.



𝐃𝐨 𝐲𝐨𝐮 𝐰𝐚𝐧𝐭 𝐭𝐨 𝐠𝐫𝐚𝐛 𝐭𝐡𝐞 𝐚𝐭𝐭𝐞𝐧𝐭𝐢𝐨𝐧 𝐨𝐟 𝐲𝐨𝐮𝐫 𝐭𝐚𝐫𝐠𝐞𝐭 𝐚𝐮𝐝𝐢𝐞𝐧𝐜𝐞 𝐢𝐧 𝐨𝐧𝐞 𝐦𝐨𝐯𝐞? 𝐋𝐨𝐨𝐤 𝐧𝐨 𝐟𝐮𝐫𝐭𝐡𝐞𝐫 𝐭𝐡𝐚𝐧 𝐎𝐟𝐟𝐬𝐡𝐨𝐫𝐞 𝐄𝐧𝐞𝐫𝐠𝐲! 𝐎𝐮𝐫 𝐜𝐨𝐧𝐭𝐞𝐧𝐭 𝐢𝐬 𝐫𝐞𝐚𝐝 𝐛𝐲 𝐭𝐡𝐨𝐮𝐬𝐚𝐧𝐝𝐬 𝐨𝐟 𝐩𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥𝐬 𝐞𝐧𝐠𝐚𝐠𝐞𝐝 𝐢𝐧 𝐨𝐢𝐥 & 𝐠𝐚𝐬, 𝐦𝐚𝐫𝐢𝐭𝐢𝐦𝐞, 𝐨𝐟𝐟𝐬𝐡𝐨𝐫𝐞 𝐰𝐢𝐧𝐝, 𝐠𝐫𝐞𝐞𝐧 𝐦𝐚𝐫𝐢𝐧𝐞, 𝐡𝐲𝐝𝐫𝐨𝐠𝐞𝐧, 𝐬𝐮𝐛𝐬𝐞𝐚, 𝐦𝐚𝐫𝐢𝐧𝐞 𝐞𝐧𝐞𝐫𝐠𝐲, 𝐚𝐥𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐯𝐞 𝐟𝐮𝐞𝐥𝐬, 𝐬𝐡𝐢𝐩𝐩𝐢𝐧𝐠, 𝐚𝐧𝐝 𝐨𝐭𝐡𝐞𝐫 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬 𝐨𝐧 𝐚 𝐝𝐚𝐢𝐥𝐲 𝐛𝐚𝐬𝐢𝐬.

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