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Pemex budget cuts send Prosafe platforms into lay-up

Two of Prosafe’s semi-submersible accommodation rigs are expected to be laid up as a result of production budget cuts made by Petróleos Mexicanos (Pemex).

Pemex has been cutting its spending in order to adjust its budget to an oil price of $25 per barrel, reports say.

Prosafe’s Mexican client Cotemar Group has decided to suspend its contract on the Safe Regency platform by mid-March, and it is “likely” that Safe Lancia‘s contract will be suspended this month too.

“Such suspensions will mean that both vessels are likely to be swiftly demobilised to a suitable lay-up location,” Prosafe said today.

Meanwhile, the Safe Britannia platform is currently being demobilised out of Mexico and is available for charter, the Larnaca-based company said. The Jasminia and the Safe Hibernia rigs are being prepared for cold-stacking in the US.

“Relying on the strong working relationship developed over 20 years, Prosafe and Cotemar continue to work proactively together to address the challenges being faced within Mexico and will be well placed to react when the market in Mexico recovers,” Prosafe commented.

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Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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