courtesy Ability Drilling

A rare Norway-based land drilling technology company has signed a pact with Latin American partners to become a drilling contractor within reach of a two-rig hire with Mexican state oil company Pemex — provided, it was understood, that Canadian export credit comes through.

Ability Drilling has entered into a joint venture with Mexican MIPPSA de CV, Panama-based Energy Services Corporation Ltd. to own, lease out and keep 150 T rigs, “Rack & Pinion” drillers said to use North Sea lessons to drill cleanly.

The one-third-for-all company will be based in Panama and will buy three 150 T rigs from Ability Drilling with three more potentially. The first two rigs will be employed in Mexico, on three year contracts with client Pemex.

At least two of the rigs are “ultra-light” workover rigs set for conversion to drill rigs.

The joint venture has applied for export guarantees to Export Development Canada to help the long-term financing of the rig purchases. Scandoil.com failed to gain comment on the Canada connection, but it's the second time Scandoil.com has reported Norway-based exporters of capital goods applying for Canadian guarantees since a free-trade deal was struck between the two countries last year.

Norwegian yard interests have also sought ship-building guarantees from Canada.

Ability, meanwhile, has ordered nine land rigs not including the 150 Ts.

"This joint venture agreement allows us to lift the first three 150 T rigs out of our balance sheet,” Ability chief exec Hans Petter Eikeland said in a statement.

Tags: Ability Drilling