Borr Drilling to acquire five premium jack-up rigs in Mexico via new JV

Borr Drilling (NYSE:BORR) announced today that it has entered into definitive agreements to acquire five premium jack-up rigs from Fontis Finance for a total purchase price of $287 million.

The acquisition will be executed through BC Ventures, a newly established 50/50 joint venture between Borr Drilling and its long-term strategic partner in Mexico.

This move reinforces Borr’s aggressive expansion strategy, following a separate 5-rig acquisition from Noble Corp completed earlier this year.

The acquired fleet consists of two Friede & Goldman JU-2000E design rigs and three LeTourneau Super 116-C design rigs.

All five units are currently located in Mexico, a core operating region where Borr has maintained a dominant presence through its integrated well construction services.

The financial structure of the deal is designed to minimize immediate capital outlay for Borr Drilling.

The $287 million transaction will be largely funded by a $237 million non-recourse seller’s credit with a 2.5-year maturity.

The remaining $50 million will be covered by equal $25 million cash contributions from Borr and its Mexican partner.

This acquisition comes at a critical time for the offshore sector, as global energy security concerns drive increased demand for reliable shallow-water capacity.

Despite recent geopolitical volatility in other regions like the Middle East, Borr’s focus on the Mexican market leverages its proven operational track record with local state-owned and international operators.

The transaction is expected to close in Q3 2026, pending customary merger control approvals.