Mexican state-owned Pemex had awarded a $43.8 million contract to local company Constructora Subacuatica Diavaz to upgrade a production platform in the Gulf of Mexico.

Pemex said the contract is for 137.6 million pesos (US$10.46 million) and $33.3 million, with work to be carried out within nine months.

Diavaz presented the best technical and economic bid for the contract, Pemex said.

The platform to be upgraded produced 24,500 barrels per day of crude oil in June, Dow Jones reported.

Pemex is aiming to invest $20 billion this year in exploration and production as it seeks to contain a decline in crude output.

Pemex recently cut its crude production goal to 2.65 million bpd from 2.7 million bpd.

Production averaged 2.63 million bpd in the first half of the year, with June output at 2.52 million as maintenance on a floating production storage and offloading vessel shut in around 40,000 bpd.