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 โ€“ formerly Seadrill New Finance Limited, which acts as the holding company of a group of energy services companies โ€“ 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: โ€œWe 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.โ€

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.


๐ƒ๐จ ๐ฒ๐จ๐ฎ ๐ฐ๐š๐ง๐ญ ๐ญ๐จ ๐ ๐ซ๐š๐› ๐ญ๐ก๐ž ๐š๐ญ๐ญ๐ž๐ง๐ญ๐ข๐จ๐ง ๐จ๐Ÿ ๐ฒ๐จ๐ฎ๐ซ ๐ญ๐š๐ซ๐ ๐ž๐ญ ๐š๐ฎ๐๐ข๐ž๐ง๐œ๐ž ๐ข๐ง ๐จ๐ง๐ž ๐ฆ๐จ๐ฏ๐ž? ๐‹๐จ๐จ๐ค ๐ง๐จ ๐Ÿ๐ฎ๐ซ๐ญ๐ก๐ž๐ซ ๐ญ๐ก๐š๐ง ๐Ž๐Ÿ๐Ÿ๐ฌ๐ก๐จ๐ซ๐ž ๐„๐ง๐ž๐ซ๐ ๐ฒ! ๐Ž๐ฎ๐ซ ๐œ๐จ๐ง๐ญ๐ž๐ง๐ญ ๐ข๐ฌ ๐ซ๐ž๐š๐ ๐›๐ฒ ๐ญ๐ก๐จ๐ฎ๐ฌ๐š๐ง๐๐ฌ ๐จ๐Ÿ ๐ฉ๐ซ๐จ๐Ÿ๐ž๐ฌ๐ฌ๐ข๐จ๐ง๐š๐ฅ๐ฌ ๐ž๐ง๐ ๐š๐ ๐ž๐ ๐ข๐ง ๐จ๐ข๐ฅ & ๐ ๐š๐ฌ, ๐ฆ๐š๐ซ๐ข๐ญ๐ข๐ฆ๐ž, ๐จ๐Ÿ๐Ÿ๐ฌ๐ก๐จ๐ซ๐ž ๐ฐ๐ข๐ง๐, ๐ ๐ซ๐ž๐ž๐ง ๐ฆ๐š๐ซ๐ข๐ง๐ž, ๐ก๐ฒ๐๐ซ๐จ๐ ๐ž๐ง, ๐ฌ๐ฎ๐›๐ฌ๐ž๐š, ๐ฆ๐š๐ซ๐ข๐ง๐ž ๐ž๐ง๐ž๐ซ๐ ๐ฒ, ๐š๐ฅ๐ญ๐ž๐ซ๐ง๐š๐ญ๐ข๐ฏ๐ž ๐Ÿ๐ฎ๐ž๐ฅ๐ฌ, ๐ฌ๐ก๐ข๐ฉ๐ฉ๐ข๐ง๐ , ๐š๐ง๐ ๐จ๐ญ๐ก๐ž๐ซ ๐ข๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐ž๐ฌ ๐จ๐ง ๐š ๐๐š๐ข๐ฅ๐ฒ ๐›๐š๐ฌ๐ข๐ฌ.

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