Pemex takes another Borr jack-up for Mexico ops
- Business & Finance
Offshore drilling contractor Borr Drilling has been awarded another drilling contract by Pemex. As a result, Borr will have three of its jack-up rigs operating offshore Mexico for Pemex and four in total in the country.
Back in March 2019, Borr revealed it had secured offshore drilling contracts for two of its jack-up rigs – Grid and Gersemi – with Pemex. It was agreed for Borr to deliver a total of 9 offshore development wells to Pemex under an integrated services model.
Borr referred to these contracts as “Cluster 2”, under an integrated services model.
According to Borr’s statement on Tuesday, the first rig, the Grid, has arrived on site and is currently starting its contract, while the second rig, the Gersemi, is expected to start shortly thereafter.
Borr has now also received an award from Pemex for an additional contract, which is the third contract under “Cluster 2” for the company.
The rig owner said that the new contract is expected to be based on the same economics and structure as the first two contracts and secures the employment of a third modern jack-up drilling rig with expected start in the fourth quarter 2019 for an anticipated duration to be around 18 months.
The newly awarded contract is the company’s fourth contract award in Mexico in less than nine months. Namely, in addition to these three rigs hired by Pemex, one of Borr’s jack-ups started a contract with PanAmerican last March. The deal is scheduled to end in November 2019.
“The company has established a robust regional office and operations in the country, and is optimistic about future opportunities arising from the continued strong demand seen in the region,” Borr concluded.
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