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The new project will cover Petroleos Mexicanos's (Pemex) north region assets and will initially focus on oil wells in the Poza Rica-Altamira and Cerro Azul assets.
Under the terms of the contract, Key Energy will initially provide four well service rigs outfitted with its proprietary KeyView system and will install five KeyView systems on Pemex-owned well service rigs.
The contract grants Pemex the option to call for additional rigs and KeyView systems in the future. This work is in addition to the $46 million Pemex contract awarded to Key Energy in early 2007. Key Energy currently has nine rigs working for Pemex.
Dick Alario, chairman and CEO of Key Energy Services, said: "We are in discussions with other international operators about our proprietary KeyView system and believe that our technology, combined with our workover expertise, is of great value to international operators like Pemex."
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