Borr Drilling sells 51% Mexico stake

• Borr Drilling agreed to sell its 51% stake in Mexican joint ventures Perfomex to its local partner.
• The transaction value is based on Borr Drilling’s estimated net book value in Perfomex as of July 31, 2026.
• The company said the deal will simplify its Mexican structure while maintaining its rig ownership and contract participation.

Borr Drilling (NYSE:BORR) has entered agreements to divest its 51% equity stake in Mexican joint ventures Perfomex to its local partner, with completion expected in September 2026.

The transaction will make the partner the sole owner of Perfomex, which manages and operates the Galar, Gersemi, and Njord jack-up rigs contracted with PEMEX, while Borr Drilling will continue owning the rigs through bareboat charter arrangements.

The company said the economics of the underlying contracts are expected to remain largely unchanged after the transaction.

Borr Drilling will retain ownership of the three rigs, with Njord contracted through April 2028 and Galar and Gersemi contracted through May 2030, while the sale consideration will be based on the estimated net book value of its Perfomex equity interest as of July 31, 2026.

The company said the divestment is intended to simplify its Mexican operating structure and support future growth alongside its BC Ventures joint venture.

Borr Drilling operates a fleet of jack-up drilling rigs serving offshore oil and gas markets, with activities focused on contract drilling services across multiple regions.

The company has continued adjusting its portfolio through partnerships, contract renewals, and structural changes aimed at managing its offshore drilling operations.