The existing five-year charter was due to expire this month but the Mexican state-owned oil company had last year agreed to extend it for a further two years in return for a lower rate for the remaining period of the initial fixture.

The 2011-built sixth-generation rig has most recently been working for a dayrate of $365,000, compared with a previous rate of $467,500, according to Seadrill’s latest fleet list.

Seadrill