Borr Drilling has entered into definitive agreements to divest its 51% equity interest in the Mexican joint ventures Perforaciones Estratégicas e Integrales Mexicana S.A. de C.V. and Perforaciones Estratégicas e Integrales Mexicana II, S.A. de C.V. (together, 'Perfomex') to its long-standing local partner in Mexico.
Upon completion of the Transaction, Borr Drilling will have fully divested Perfomex, while its local partner will become the sole owner of Perfomex and assume responsibility for the management and operation of the Company’s jack-up rigs Galar, Gersemi and Njord, which are currently operating with PEMEX. The Company will retain ownership of the three rigs and continue participating in the underlying contracts through bareboat charter agreements, with economics expected to be largely unchanged from the existing arrangement. Njord is currently contracted through April 2028, with extension options thereafter, while Galar and Gersemi are contracted through May 2030.
The Transaction follows Borr Drilling’s recent expansion in Mexico with the acquisition of five premium jack-up rigs, which the Company jointly owns through BC Ventures Limited, a 50/50 joint venture with its local partner. Following completion of the Transaction, Perfomex will continue its operations related to integrated well services and PEMEX, while Borr Drilling will independently operate and market its fleet to other operators in the region through its affiliated companies.
The Transaction is expected to simplify Borr Drilling’s corporate and operating structure in Mexico. The Company believes the streamlined structure strengthens its local partnership, creates a more efficient platform for future growth in Mexico and supports the deployment of additional Borr rigs as demand develops in this well-established shallow-water market.
Under the terms of the definitive agreements, a post-closing transition period is expected to facilitate the orderly transfer of operational responsibilities to Borr Drilling’s local partner.
The sale consideration for the Transaction is based on the estimated net book value of the Company’s equity interest in Perfomex as of July 31, 2026.
The Transaction is expected to close in September 2026, subject to customary closing conditions.
Source: Borr Drilling
