Total hires Rowan Renaissance for Mexico work

French player lines up ultra-deepwater rig for one well, to commence in early 2019

Rig owner Rowan Companies has landed a contract with French player Total for work in Mexico.

Under the deal, with an undisclosed value, the ultra-deepwater Rowan Renaissance will be hired for a firm term of one well with an estimated duration of 60 days.

The agreement includes three one-well options that can be exercised by other Total affiliates.

Operations are expected to commence in early 2019.

The Rowan Renaissance is currently being reactivated from warm stack offshore Louisiana.

Last month, Rowan slumped to a significantly wider loss in the third quarter as the US rig contractor continued to suffer from weak drilling market conditions.

The Houston-based player recorded a quarterly net loss of $144.1 million, compared with a year-earlier deficit of $20.9 million, as revenue dropped to $193 million from $291.6 million in the corresponding period of 2017 - representing a 34% decline.