SeaDragon Wins $958 Million Deal From Pemex for Drilling Rig

SeaDragon Offshore Ltd., an oil-services company, won a $958 million contract from Petroleos Mexicanos to build a vessel capable of drilling for oil and natural gas in as much as 10,000 feet (3 kilometers) of water.

The vessel, known as a semi-submersible rig, is expected to be in the Gulf of Mexico by January 2010 to start drilling in 5,000 feet of water, Seadragon said today in an e-mailed statement. Construction has already commenced.