Paratus Energy Services Ltd. announced that SeaMex Holdings Ltd. and related subsidiaries has secured a one-year contract for the Titania jack-up in Mexico. The new contract will contribute approximately $55 million in backlog and is expected to commence around mid-February 2024, according to the company's release.
As previously disclosed, the Titania has remained operating under its existing contract beyond its early termination date of March 16, 2023 pursuant to a well completion clause under the agreement. The Titania will operate in direct continuation under the new contract award.
Paratus Energy Services Ltd. is an investment holding company of a group of leading energy services companies. The Paratus Group is primarily comprised of its ownership of SeaMex and a 50/50 JV interest in Seabras Sapura. SeaMex is an offshore drilling company with a fleet of five high-specification jack-up rigs working under contracts in Mexico. Seabras Sapura is a leading subsea services company, with a fleet of six pipe-laying supply vessels under contracts in Brazil. In addition, Paratus is the largest shareholder in Archer Ltd, a global oil services company, listed on the Oslo Stock Exchange.