Paratus Energy Services Ltd. (Paratus) is pleased to announce that SeaMex Holdings Ltd. and related subsidiaries (SeaMex Group) has secured a one-year contract for the Titania jack-up in Mexico. The new contract will contribute approximately $55 million in backlog and is expected to commence around mid-February 2024.
As previously disclosed, the Titania has remained operating under its existing contract beyond its early termination date of March 16, 2023 pursuant to a well completion clause under the agreement. The Titania will operate in direct continuation under the new contract award.
“We are pleased to announce that the Titania will continue her operations without interruption” said Raphael Siri, CEO of SeaMex Group. “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 Company remains optimistic about future contracting opportunities for the SeaMex Group fleet.
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.
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.