The first eighteen month bareboat charter contracts for Gulf Driller VI and Gulf Driller VIII to Constructora y Perforadora Latina, S.A. de C.V. ("CP Latina") were successfully completed in May 2021.
The contracts were successfully renewed for a further eighteen months following good performance by CP Latina in their contracts with PEMEX. PEMEX management recognizes the high performance and meticulous operations of the rigs by CP Latina at the Koban and Tetl wells. The good performance serves well to deliver PEMEX’s strategy to increase crude oil production in shallow water to meet important production targets.
As a testament to PEMEX confidence Mr. Octavio Romero Oropeza, CEO of PEMEX visited GDVI in July this year and again in September and expressed satisfaction with the operations and management of the rigs and drilling operations on several occasions, as part of his overall assessment in the Southwest Offshore Region in Offshore Mexico.
The Gulf Driller VI and Gulf Driller VIII are both JU2000E F&G designed high specification Jack-up rigs, ABS Class and capable of operations in water depths of up to 120m(400ft) and to drill wells down to depths of 10,668m (35,000ft) in harsh offshore environments, built at CIMC Raffles. Both rigs were chartered on a bareboat charter basis by CMIC to CP Latina in June 2019 to provide integrated offshore well services to PEMEX. The extension of the contracts will enable the rigs to continue operations, should PEMEX be able to meet it’s operations as planned, in the Gulf of Mexico for PEMEX up till November 2022.
The chartering of the rigs provides the basis of a strong partnership with CP Latina and is an important transformational milestone for CMIC in accomplishing its strategic objectives in increasing value and utilization of rig assets in a gradually recovering offshore market. We are extremely thankful to CIMC Raffles for their effortless coordination throughout this challenging project.With CP Latina, PEMEX and other customers in Mexico, CMIC continues to expand its strategic presence in the Mexican market for its assets, equipment, supply chain and offshore services.