One of Transocean Ltd.’s high-specification seventh-generation, ultra-deepwater drillships will be used for a $518 million 1,080-day contract for use in the Gulf of Mexico offshore Mexico.

One of three drillships to potentially be selected by Transocean include the Deepwater Invictus, Deepwater Thalassa and Deepwater Proteus. The selection will take place no later than one year prior to the earliest date in the commencement window, the drilling company said July 18 in a press release.

The contract is expected to commence between the fourth quarter of 2025 and second quarter of 2026, and at least one year before the start date, according to Transocean.

“The contractual day rate is subject to a semi-annual cost adjustment mechanism with a baseline established as of July 1, 2023,” Transocean said. “There are no additional services provided under the contract.”

Mexico eyes boosting production

Mexico’s president Andrés Manuel López Obrador continues to favor boosting the productive and refining capacities of state-owned Petróleos Mexicanos (Pemex) to assist the Latin American country in achieving energy self-sufficiency.

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Meanwhile, international oil companies ranging from Australia’s Woodside to the U.S.’ Talos Energy remain active offshore Mexico’s coasts in partnership with Pemex and with plans to boost production.

Pemex is responsible for the bulk of Mexico’s oil and gas production. Mexico’s offshore region accounts for more than 70% of Pemex’ oil production and slightly over 50% of its gas production, according to company data on its website.