Pemex terminates Sinvest jackup rig contract

Pemex terminates Sinvest jackup rig contract

Norwegian rig owner Sinvest has announced, via subsidiary Deep Drilling 1, that Pemex has released jackup rig Deep Driller 7 (built 2008), exercising an early termination option.

The rig has been with the Mexican company since 2013 on a 1005-day contract which was to end at the end of this year.

Pemex has released the rig effective August 27. On a day rate of around $151,000 the early release will cost Sinvest around $19m in lost revenue provided there is no early release penalty at this stage of the contract.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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