Seadrill Signs Rig Deals Worth $1.8B in Mexico

Seadrill, the world's biggest offshore driller by market value, will rent out five of its jack-up rigs to Mexican oil firm Pemex with expected revenues of more than $1.8 billion over a six-year period, the Oslo listed firm said on Tuesday.

The rig company will also establish a joint venture with an investment fund controlled by Fintech Advisory Inc, which will own the rigs working for Pemex.

The new company, called SeaMex, will be owned 50 percent by Seadrill and 50 percent by the Fintech fund.

Seadrill announced in November it had signed letters of intent to rent out the five rigs, of which four have now been finalized. The deal for the fifth rig is expected to be signed in the second quarter of 2014, it said.