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News Article

Has Marinsa Gone Bankrupt?

By Pedro Alcalá | Tue, 02/09/2021 - 13:33

A Campeche judge validated an accusation of bankruptcy made against upstream contractor Marinsa by the companies Perforadora Central and D&P Marine Service. According to El Sur de Campeche, Marinsa owes these companies millions of dollars, and this has led them to accuse the company of being insolvent and unable to fulfill its financial obligations. The accusation unearthed the fact that PEMEX, which had previously played a key role in Marinsa’s success by handing it major upstream development contracts at the beginning of this administration, had ceased all contracting activities with the Grupo CEMZA company after an internal analysis revealed it had failed to successfully complete a number of contracts for the transportation of offshore platforms in 2020. Representatives of Perforadora Central and D&P Marine Service speculated that PEMEX was not severe enough in its sanctions against Marinsa, given the role that the company played in the NOC’s development agenda.

A second report from Campeche Hoy reveals that the accusation validated by the judge details Marinsa’s scheme to obtain PEMEX contracts was allegedly fraudulent. During previous PEMEX tenders, Marinsa pretended to own platforms and other offshore infrastructure which the company was in fact leasing for standard day rates. Marinsa preemptively responded to all of these accusations back in November when it sued Perforadora Central for breach of contract and for undue demands for financing payments, according to a report from Novedades Campeche. Besides that, Marinsa has made no further comment on these accusations, acknowledging no financial difficulties or conflict with PEMEX, while making it clear on its website that any operational or ethical complaints are handled through a partnership with KPMG. 

While Marinsa’s financial status is not equivalent to that of parent company Grupo CEMZA, other companies in the group have spoken about the contractor’s importance within the overall matrix of the group’s growth and development. In an interview with MBN, Viridiana Medero, former director of Grupo CEMZA’s offshore supply services company Enermar, said Marinsa was key to their operations. “Enermar was born from the group’s identification of the need to have a unique fuel supplier for Marinsa’s vessels. Our business has expanded since then. We now manage 65 percent of the Gulf of Mexico’s fuel supply market. Marinsa continues to be the face of the group and Enermar is one of the most internationally recognized companies within the group.” To read the rest of our interview with Medero, click here.

The data used in this article was sourced from:  
MBN, El Sur de Campeche, Novedades Campeche, Campeche Hoy, Marinsa
Photo by:   API Dos Bocas
Pedro Alcalá Pedro Alcalá Journalist and Industry Analyst