Cotemar is an oil platforms company that operates in the Campeche Sound. Campeche Sound is a strategic Gulf of Mexico hydrocarbons reservoir. The company was inaugurated in 1979 and provides offshore development oil fields with maintenance and rehabilitation services. Cotemar also provides catering and accommodation services to support the operations in this offshore oil development platforms.
Cotemar Buys Two Vessels from Grandweld Shipyards
Cotemar purchased a shipment of two boats from the Grandweld Shipyards in July 2014. These two ships were 42M Aluminum Crew Boats fitted with state of the art navigation equipment and EPA Tier 3 compliant main engines. The boats were designed to assemble client requirements with an enhanced crew comfort, larger deck space, luxury seating, and VIP accommodation. The ships were capable of carrying one hundred workers, sufficient oil, and freshwater. They exceed speeds of 26 knots. The vessels were planned to operate in the Gulf of Mexico after complying with the United States Coast Guard as well as the US Environmental Protection Agency regulations.
Cotemar to lay off 2,300 workers after Cancellation of contracts with Pemex
Cotemar announced that it would dismiss 2,300 workers due to the cancellation of contracts with government-owned Pemex. This happened on 18th November 2016. Pemex canceled the contract in which it had accorded Cotemar with three oil platforms such as the Safe Regency, Safe Britannia, and the Safe Lancia. Prosafe originally owns these oil platforms.
Prosafe is a company that deals in the hire of semi-submergible oil platforms. Prosafe will end the service of Safe Britannia from Mexico. Safe Lancia and Safe Regency will be transported to a United States warehouse. Cotemar had served as Pemex’s major oil supplier in the island industrial city region and throughout the Campeche Términos Lagoon and the Gulf of Mexico.
The large contract withdrawal will also lead to a rise in oil prices from the traditional cost of twenty-five dollars per barrel of oil. This investment cut will also result in a decrease in crude oil production. Cotemar will still operate with Pemex, but it will no longer have any online contracts with the government-owned company this year. The employee dismissal will extend the unemployment situation at the tiny industrial city of Ciudad del Carmen. The dismissal of Cotemar will further worsen the economic condition of this oil port that has also seen a 50 percent decrease in revenues according to reports.