In a key deal supporting Mexico’s exploration of its offshore energy reserves, Milbank, Tweed, Hadley & McCloy has represented an international lender group in arranging a $547 million loan for the financing of a new-generation deepwater drilling rig to be used for oil exploration in the Gulf of Mexico.

The Korean-built drillship – one of the biggest in the world –is being developed for diversified energy and construction company Grupo R and will be leased by Mexico’s state-owned petroleum company Pemex (Petróleos Mexicanos) expressly for drilling in Mexican waters.  The ...