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Pemex taps Borr Drilling for more work in Mexico

State-owned Petróleos Mexicanos SA de CV, more commonly known as Pemex, awarded Borr Drilling Ltd. another contract for drilling work in Mexico.

According to an Aug. 6 release from Borr, the 18-month contract secures the employment of its third modern jack-up drilling rig and is expected to start in the fourth quarter.

The new contract is expected to be based on the same economics and structure as the first two contracts that were awarded to one of Borr's subsidiaries, in partnership with OPEX Perforadora SA de CV, on March 15.

In addition, Borr provided updates on the two rigs under the initial contracts. The first rig, named Grid, arrived on-site and is starting its contract, while the contract for the second rig, called Gersemi, is expected to start soon.

Financial details were not disclosed.