Cotemar Looks to Terminate its Operations in the Mexican Gulf

Cotemar Looks to Terminate its Operations in the Mexican Gulf
Cotemar is the Campeche Sound Oil Platform Company. Cotemar announced that it would end its operations in the Mexico Gulf in November this year. This led to an end of thousands of service men operations.

Cotemar is an Oil Exploration Company in the Mexican Gulf
Cotemar was established in 1979. It supplies offshore development oil platforms with the necessary rehabilitation and maintenance services. The company formerly operated in the strategic Campeche sound hydrocarbons reservoir in the Gulf of Mexico. Cotemar also provides accommodation and catering services that sustain the offshore oil platform operations. The company recently acquired water vessels from the Grandweld Shipyards. The large Aluminum Crew Boats offer broader deck space, VIP accommodation, and luxury seating. The vessels currently operate in the Gulf of Mexico helping the US Environmental Protection Agency and the US Coast Guard. The boats can carry hundreds of oil workers and attain great speeds.

Cotemar formerly operated the Safe Regency, Safe Britannia, and the Safe Lancia offshore oil rigs
Cotemar aims to cut down its management costs after the recent contract termination by the government-owned oil distributor known as Pemex. Pemex has withdrawn the latest agreements in which the state-owned company had granted Cotemar with the triple oil platform contract. Cotemar had been operating the Safe Lancia, Safe Britannia, and the Safe Regency. The oil platforms operations are getting stopped due to an increase in the global price of oil refinements. Prosafe deals in the global hire of several semi-submergible oil platforms. Prosafe is working towards ending the operations of the three offshore oil rigs. The three oil rigs will be transported to warehouses in the United States.

Global Oil Prices are projected to Escalate
The actions have messed Cotemar greatly. Cotemar intends to stop serving Pemex. The contract termination is also understood to increase the global crude oil price of twenty-five dollars per oil drum. This will further extrapolate crude oil refinement costs. Cotemar will maintain its operations with Pemex despite the fact that the company will have to wait for supplementary government oil projects. Withdrawal from the Mexican Gulf is expected to impact Ciudad del Carmen gravely. Work termination will end the service of thousands of employees further extending the unemployment situation of the Ciudad Del Carmen industrial island city.

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