Deepwater semi heads to Mexico

Offshore staff

HAMILTON, Bermuda – Pemex has agreed terms with Seadrill affiliate Sea Dragon de Mexico for a five-year drilling assignment offshore Mexico.

The ultra-deepwater semisubmersible West Pegasus (previously Seadragon I) will perform the assignment, which has a fixed operating day rate for the first two years. Thereafter, the day rate will be adjusted annually based on market conditions.

The estimated contract value is $850 million (excluding the mobilization fee), assuming a constant day rate over the five-year term.

West Pegasus was recently delivered from the Jurong Shipyard in Singapore and mobilized to Mexico on April 1. Operations are due to start this summer.

04/08/2011

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