High specification Jack-up rig Gulf Driller 6 (GDVI) and Gulf Driller 8 (GDVIII) which are managed by CMIC Asset Management team have been awarded three years contract extension by Constructoray Perforadora Latina, S.A. de C.V. (CP Latina). The rigs will continue to perform drilling exploration wells and integrated well services cluster 2.0 to PEMEX — as part of Mexico and PEMEX strategic programme to increase oil production. This the second time that CP Latina extended the BBC contracts on both rigs.
GDVI and GDVIII, which began drilling operations in Mexico in December 2019, received their first extension from CP Latina in May 2021 till November 2022. Over the past three years, these two rigs have delivered strong performance with excellent operational efficiency and detailed project management. Besides, PEMEX senior management has visited both rigs in person several times to supervise the drilling operations and praised the efficiency.
Gulf Driller 6 (GDVI) and Gulf Driller 8 (GDVIII) are both JU2000E F&G designed high specification jack-up rigs built at CIMC Raffles. They are ABS classed and capable of operations in water depths of up to 120m(400ft) and to drill wells down to depths of 10,668m (35,000ft) in harsh offshore environments. In June 2019, CMIC chartered the two rigs to CP Latina on a "back-to-back" bareboat charter with CIMC to provide integrated offshore drilling services to Petróleos Mexicanos (PEMEX).
The successful extension starting 1 Dec 2022 will continue to deepen the close cooperation between CMIC and CP Latina, PEMEX and other clients in Mexico, and strengthen CMIC's strategic presence in the Mexican market. Over the past three years, taping on the BBC contracts, CMIC’s Asset Management team has been exploring and diversifying business opportunities in Mexico market. With extensive efforts devoted, synergies have been created on supply chain management, field engineering services and so on, which has broadened the coverage of Asset Management business. Today, CMIC’s Asset Management business has achieved remarkable results in Mexico and has been repeatedly appreciated by customers.
Since beginning of 2022, oil price has been pushed up to high level and the offshore market is at the dawn. Mexico has elevated the expansion of oil and gas production to a national strategy, making it a hot spot in the offshore market. CMIC Asset Management team will continue to cultivate in Mexico and explore strategic expansion to grow the asset management and other business lines including services and supply chain.
About CP Latina
CP Latina is a private company with over 70 years of experience in the energy sector. Currently, it is the leading geothermal drilling company in Latin America. CP Latina's majority shareholder is the Del Valle family, with strong banking, industrial, chemical and distribution business capabilities. The company began operating as a geothermal drilling company in 1947 and has grown to become the leading geothermal drilling company in Latin America.