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.

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.

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