Seadrill wins $1.8bn in jack-up contractsSeadrill wins $1.8bn in jack-up contracts

The contracts for jack-up units West Oberon, West Intrepid, West Defender and West Courageous have now been executed, with a fifth contract for new acquisition West Titania, formerly known as Prospector 3, expected to be finalised by June 2014.

"This opportunity to expand our relationship with Pemex was partly developed on the back of Seadrill's successful operations with our ultra-deepwater semi-submersible West Pegasus in Mexico,” said Seadrill ceo Per Wullf.

Seadrill has also announced a joint venture with Fintech Advisory, a private investment manager. The joint venture, dubbed SeaMex, will manage the Jack-up rigs in Mexico and other Latin American countries. The sale of 50% of the five rigs is expected to raise $488m for Seadrill.

“The long term nature of these contracts and the establishment of SeaMex will create economies of scale in the region,” said Wullf. “Seadrill sees recent developments in Mexico such as new petroleum legislation, Pemex' expansion plans and recent large deepwater discoveries as supportive to the great opportunity to expand business within the country.”