Mexico’s Oro Negro does not make Sept. 30 interest payment on bonds

By Caroline Salls

Pittsburgh, Oct. 9 – Integradora de Servicios Petroleos Oro Negro SAPI de CV did not make the interest payment due Sept. 30 on its bonds, according to a letter to bondholders released Friday.

Oro Negro said it faces significant challenges as a direct result of the challenges faced by Pemex, its only customer.

As a result of these challenges, Oro Negro said its liquidity “remains extremely limited.”

According to the letter, Oro Negro has decided to protect the investment in its rigs, including the Impetus. The company said it has invested $76 million in the Impetus to date, and its budget includes funding an additional $3 million for maintaining the rig’s current state and getting it ready for operations through the end of the year.

The company said the Impetus has not yet generated any revenue.

In addition, Oro Negro said it is in discussions with Pemex regarding the timing and content of a contract related to the Impetus. Pemex has told Oro Negro that the contract timing is scheduled between November and early December.

The oil and gas services company is based in Alvaro Obregon, Mexico.

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