Paragon sees rate increase in Mexico

  • Exploration & Production

Mexico’s state oil company Pemex has increased a dayrate for one of Paragon Offshore’s drilling rigs in Mexico. 

In the company’s fleet status report for March, Paragon, an offshore drilling contractor, said that Pemex boosted the dayrate for the jack-up rig Paragon M842 from $70,000 to $112,000 for the period of early January 2016 to early March 2016.

The rig’s dayrate with Pemex was previously slashed from $112,000 to $70,000 in July 2015.

The company added that periodic class survey (UWILD), originally scheduled for the first quarter of 2016, was deferred.

Paragon M842 jack-up rig of the Marathon LeTourneau 84 design was built in 1975 by Marathon LeTourneau.

According to Paragon’s fleet status report, the company inked a novation agreement with Dana Petroleum from early March to early April. Dana is using the rig for drilling operations on the exploration well, Manatee-1, on Bakassi West, offshore Cameroon. The rig was previously under a contract with Perenco.

Finally, Paragon said that the contract for the jack-up rig Paragon M826 with PanAfrican Energy Tanzania ended in mid-February 2016 and the rig will now be mobilized to the UAE.

Offshore Energy Today Staff

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