Keppel Offshore & Marine’s (Keppel O&M) wholly owned subsidiary Keppel FELS in Singapore has delivered the Cantarell IV jack-up rig to Grupo R.

The KFELS B Class jack-up Cantarell IV has been designed to operate in water depths of up to 400ft and drill to depths of 30,000ft.

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Equipped with a fully automated high-capacity rack, pinion jacking system, self-positioning fixation system, the rig can accommodate 150 people.

Grupo R CEO Jose Ramiro Garza said: “The fields where the rig will operate is expected to produce up to 210,000bpd of crude and 350MMcfd of natural gas by 2020, resulting in more opportunities for the rig to be deployed in future.”

“As Mexico develops its oil and gas reserves, more high-specification rigs such as the KFELS B Class rigs will be needed.”

Under an integrated drilling contract for offshore wells secured by IPC with Pemex, Cantarell IV will be deployed to work offshore Mexico.

As part of the deal, Grupo R has signed a sale and leaseback agreement with Keppel O&M’s another wholly owned subsidiary FELS Asset, which will buy the rig from Grupo R for $179m.

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The rig will be leased back to Grupo R on a bareboat charter, under which the company has the right to purchase it at pre-agreed prices during the term of the charter.

Keppel O&M CEO Chris Ong said: “As Mexico develops its oil and gas reserves, more high-specification rigs such as the KFELS B Class rigs will be needed. We have previously delivered ten such rigs to Mexico, which have delivered robust, efficient and economical performances.”

In 2016, Grupo R received two jack-up rigs, Cantarell I and Cantarell II, from Keppel FELS, which have been drilling for Pemex in Mexico since August 2016.

Aiming to increase its E&P activities, Mexico has stated its intention to boost crude output to reach 2.4Mbbl/d of oil production by 2024, from the existing 1.8Mbbl/d.