Paratus Energy Services has secured a one-year contract for the Titania jack-up for work offshore Mexico. The new contract will contribute around $55m in backlog and is expected to begin around mid-February 2024.
The rig’s previous deal was with Mexican company Pemex which started in March 2020. According to the fleet status report from June last year, it continued operating under its existing contract beyond its early termination date of March 16, 2023, due to a well completion clause under the agreement.
The Titania will operate in direct continuation under the new contract award which was supposed to be completed in the early third quarter of 2023.
“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,” said Raphael Siri, CEO of SeaMex Group. “
Paratus was created in 2022 following Seadrill New Finance’s emergence from the Chapter 11 process and after a completed restructuring under its reorganisation plan.
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Seadrill New Finance and its subsidiaries, including the Seabras Sapura assets and SeaMex, were separated from the consolidated Seadrill group and, currently, Paratus is primarily comprised of its ownership of SeaMex and a 50/50 JV interest in Seabras Sapura.