Borr Drilling has entered into definitive agreements to acquire five premium jackup rigs from Paratus Energy subsidiary Fontis Finance for a purchase price of $287m. The acquisition will be completed through BC Ventures Limited, a newly established 50/50 joint venture between the subsidiaries of Borr Drilling and Proyectos Globales de Energía y Servicios CME, its long-term well-construction partner in Mexico. Under the transaction, the joint venture will acquire rig-owning entities that own two Friede & Goldman JU-2000E-design rigs and three LeTourneau Super 116-C-design rigs. These five rigs are currently located in Mexico. The two Friede & Goldman rigs are the Titania FE and Oberon, while the remaining three LeTourneau rigs are the Intrepid, Defender, and Courageous. The transaction is expected to be financed through a $237m non-recourse seller’s credit, in addition to a $25 million cash contribution from each of Borr Drilling and its local partner at closing. The seller’s credit will have a 2.5-year maturity from the date of closing and will be secured by, among other things, a first lien on the five jackups. “These rigs are being acquired at an attractive valuation and at a lower debt per rig and cash breakeven level than our existing fleet. In the current environment, we expect demand for jackup rigs to increase, and the acquisition of these units positions us well to capture future opportunities in Mexico and globally,” said Bruno Morand, Borr Drilling CEO. The transaction is expected to close within the third quarter of 2026, subject to customary closing conditions, including merger control approvals. After the sale is completed, Paratus will have no rigs left. Through a joint venture with Vantris Energy, Paratus will own only six offshore vessels. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsMexico Norway