Mexico Project Awarded to Paratus for Titania

An offshore oil rig at sunset
Updated Published

Paratus Energy Services has been awarded a one-year engagement for its Titania jack-up rig to perform services offshore Mexico. This agreement is poised to add approximately $55 million to the company's backlog, with operations expected to commence by mid-February 2024.

Previously, the Titania rig was under contract with Pemex, the Mexican state-owned petroleum company, starting in March 2020. Despite an initial end date of March 16, 2023, outlined in last June’s fleet status report, the rig continued operations due to a clause related to well completion in the contract.

This seamless transition to the new assignment ensures uninterrupted service for the Titania, aligning with the expected completion time in early Q3 2023.

Raphael Siri, CEO of SeaMex Group, emphasized the continuity and growth of their operations in Mexico, stating, “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.”

The formation of Paratus in 2022 was a result of Seadrill New Finance’s emergence from bankruptcy under Chapter 11, following a thorough restructuring based on its reorganization plan.

Following the separation from the Seadrill group, Paratus now primarily includes its ownership of SeaMex and a joint venture interest in Seabras Sapura, holding a 50/50 stake.