A Review of the Nigerian Energy Industry

Pemex semisub contracts extended

14 April 2015, Newswires – Pemex has extended two contracts for ultra-deepwater rigs whose contracts were approaching renewal, reports on Monday indicated.

PemexBond yields jumped on Monday for notes of Offshore Drilling Holdings, a unit of Mexico’s Grupo R, for contracts tied to semi-submersibles Centenario and Bicententenario, according to a Reuters report.

Both units, key rigs for Pemex that handled some of the company’s first deep-water discoveries, will see their contracts extended through 2017, the news wire said.

Centenario was due to expire in September, while Bicentenario was up for renewal in July 2016.

Day rates have been negotiated lower to a “blended” charge of $461,000 for 2015, Reuters added.

Grupo R could not be immediately reached for comment on Monday.

Pemex rig charters have been one casualty as falling oil prices and government funding cuts have taken their toll.

In one example, Diamond Offshore has warned that Pemex was poised to terminate the charters for the semi-submersible rigs Ocean Ambassador, Ocean Nugget and Ocean Lexington.



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