Fintech in Formation of SeaMex Joint Venture with Seadrill

February 18, 2014

Cleary Gottlieb represented long-term client Fintech Investments Ltd. in connection with the formation of the “SeaMex” Joint Venture with Seadrill Limited. Fintech and Seadrill formed the SeaMex Joint Venture to acquire, operate, and manage jack-up drilling rigs and enter into long-term charter agreements with Petroleos Mexicanos (“PEMEX”), the national petroleum company of Mexico. Four jack-up drilling rig contracts with PEMEX have already been executed and a fifth is being processed for approval – each contract is for a fixed term of approximately 6 years and the contracts are expected to generate aggregate revenue in excess of $1.8 billion. Cleary Gottlieb participated in the negotiation of the terms of the joint venture, a management services agreement pursuant to which an affiliate of Seadrill will operate the rigs owned by SeaMex, the purchase agreements for the rigs and the terms of a financing that SeaMex will seek from a consortium of Scandinavian banks.

Seadrill is a leading offshore deepwater drilling company that is listed on the New York Stock Exchange and the Oslo Stock Exchange. The company operates a fleet of about 69 units comprised of drillships, jack-up rigs, semi-submersible rigs and tender rigs for operations in shallow to ultra-deepwater areas in harsh and benign environments. Fintech is an international investment fund with investments in Latin America and Europe.