Oro Negro Cuts Offshore Rig Rates For Pemex

Published at 11:06AM - 11/09/15

Offshore drilling firm, Oro Negro, has cut day rates on four of its offshore jack-up drilling rigs to satisfy Mexican state Pemex.

The drilling specialists released a statement announcing the move, as the global offshore drilling industry continues to struggle with the crash in world oil prices.

Mexican based Oro Negro said the day rates for jack-up rigs: Decus; Fortius; Laurus and Primus, have been cut from around US$160,000 to US$130,000. 

Further, Oro Negro said that the deal would be backdated to the 1st June 2015 and carry through to the 31st May 2016.  All four offshore rigs are on contract with Mexican state run Pemex for the duration of that time.

As part of the negotiations, agreement was made to extend the lease on all four jack-ups for a further year, starting the 1st June 2016, at which time the day rates would revert back to US$160,000.