Pemex Cinches $547M Backing For Deepwater Oil Rig

Law360, New York (July 23, 2012, 5:48 PM EDT) -- Mexico's state-owned petroleum company has nailed down $547 million in backing for a deepwater drilling rig from a group of international lenders, furthering its bid to tap into offshore oil reserves in the Gulf of Mexico, the lenders' counsel said Monday.

The drilling ship — one of the world's largest — will head into Mexican waters as deep as 10,000 feet to search for oil reserves locked as far as seven miles below the surface, according to Milbank Tweed Hadley & McCloy LLP. Energy conglomerate Grupo...
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