Scotland’s Paradigm Drilling Services is establishing its presence in Mexico by investing an initial US$5 million into the country and creating a Mexican subsidiary, Paradigm Drilling Services Mexico.
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Innes. From Paradigm Drilling Services. |
The company announced its $5 million investment as Mexico’s President Enrique Peña Nieto visited Aberdeen as part of an official state visit to the UK, to establish greater links between the two regions and to stimulate interest in developing investment opportunities with Mexico.
Paradigm says it has already been awarded a $500,000 contract in the region with an international oilfield services business for the supply of rental equipment in support of an operator’s drilling operations.
Its Mexican outfit will be located in Veracruz and service the Gulf of Mexico. The company is currently looking to locate to a large manufacturing and service facility in the city of Veracruz sot support its operations.
“We are delighted to announce this next step in the development of our company,” says Fraser Innes, Paradigm Drilling managing director. “The Mexican market presents opportunities for proactive companies and we are extremely excited about the growth potential of the new operation in Veracruz.”
According to Paradigm, Peña Nieto met with the Queen and Prime Minister David Cameron for talks in London and during his visit to Aberdeen, the President signed an energy collaboration agreement with North Sea leaders.
Paradigm is targeting a turnover of about $15 million in 2015, a 54% increase from 2014’s $9.7 million.
Mexico opened bidding for oil exploration rights in 14 areas of the Gulf of Mexico to domestic and international companies in December, after the Comision Nacional de Hidrobarburos (CNH) approved rules for the first part of Bid Round 1. Bidding will continue until July.
Peña Nieto signed the energy reform into law in August 2014, opening the country to private investment. The Mexican president said that the country would be better able to use its energy resources, accelerate growth and create more jobs.
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