Pemex budget cuts bite Cotemar, Prosafe

OE Staff
Monday, March 7, 2016

Budget cuts by Mexican national oil company Pemex are having a knock-on impact in the Mexican Gulf of Mexico.

Mexico's Cotemar Group, which works for Pemex, has said it will suspend use of Norwegian accommodation vessel provider Prosafe's Safe Regency mid-March, and that the Safe Lancia will also likely be suspended mid-March. 

Both vessels are likely to be demobilized to a suitable lay-up location, said Prosafe, which had another three vessels working offshore Mexico, which have since lost work. 

The Safe Britannia is currently being demobilized out of Mexico and is available for charter, while the Jasminia and the Safe Hibernia are being prepared for cold-stacking in the US.

Prosafe says it and Cotemar continue to work proactively together to address the challenges being faced within Mexico and will be well placed to react when the market in Mexico recovers.

Read more

Pemex slashes budget

Categories: Vessels Gulf of Mexico

Related Stories

Solstad Lines Up Work for Normand Tonjer CSV

Longitude Launches New PSV Design to Target Cost Efficiencies

Windward Offshore Takes Delivery of Vard-Built CSOV

Current News

Vantage Drilling’s Ultra-Deepwater Drillship Heads to India Under $260M Contract

Shell Reserve Decline Raises Need for Deals or Discoveries

BP Profit Climbs 32% as Company Suspends Buybacks

Vaar Energi Raises Output Target, Beats Profit Forecasts

Subscribe for OE Digital E‑News