Pemex Changes Contracts, Says Providers Can Now Pay Their Debt

Petroleos Mexicanos said rig operators including Perforadora Latina, Oro Negro and Grupo R can make their bond payments after the state oil company renegotiated contracts.

Pemex, as the company is known, reviewed 53 rig leasing agreements, according to an e-mailed statement in response to questions from Bloomberg News. Over the next 12 months, Pemex will pay a 29 percent lower day rate on 20 rigs while suspending 20 others for an average length of one year. Another 13 rig contracts were canceled.

Strained finances due to weak oil prices have caused Pemex to cut its total budget by 21 percent to about $20.2 billion, hurting the balance sheets of its service providers.

Read more

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Powered by

Up ↑

%d bloggers like this: