Overview

• Grupo México suspended four jack-up rigs leased to Pemex in Chihuahua, Zacatecas, Campeche and Tabasco after payments stalled
• The company towed the inactive platforms near the Campeche coast to slash operational expenses by more than 85 percent
• Platform inactivity drove Q2 infrastructure revenue down 11.9 percent to $342 million and reduced EBITDA by 29.8 percent to $161 million
• Grupo México has contacted over 90 potential buyers for the rigs but warns of limited market interest in their divestment
• The move follows a $12 billion government precapitalized note issuance and precedes the unveiling of Pemex’s July 31 debt restructuring plan