Daewoo, Industrial Perforadora to Build Deepwater Rig

South Korea's Daewoo Shipbuilding and Marine Engineering and Mexico's Industrial Perforadora de Campeche have signed an agreement to build a semisubmersible to be used for deepwater drilling, Mexican newspaper Reforma reported.

Dubbed La Muralla III, the rig will be completed in 2010 to begin a five-year contract with the PEP E&P subsidiary of Mexico's state oil company Pemex.

The rig will be able to drill in waters in depths up to 2,048m.

Mexico's largest bank BBVA Bancomer and Germany's WestLB will finance construction.

The rig is one of three recently contracted by PEP.

Pemex has an estimated 29.4Bboe of hydrocarbons reserves in deepwater areas, of which an estimated 70% are located in depths of 1,500-3,000m.

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