Borr Drilling completes $287 million rig acquisition

• Borr Drilling's joint venture completed a $287 million acquisition of five premium jack-up rigs in Mexico.
• The transaction was financed through a $237 million seller's credit and $50 million in partner cash.
• The company stated the move will support its growing footprint in the regional shallow-water energy market.

Borr Drilling (NYSE:BORR) said BC Ventures completed a $287 million five-rig purchase, increasing its owned and jointly-owned fleet to 34.

The deal, announced in March, closed within the third-quarter timetable previously provided by Borr Drilling.

The acquired assets include Oberon, Titania FE, Courageous, Defender and Intrepid, with all five rigs currently located in Mexico.

The financing includes $237 million of non-recourse seller credit, secured by the rigs, and $50 million in equal partner contributions.

In January, Borr Drilling paid $360 million for five Noble rigs, increasing its wholly owned fleet from 24 to 29.

Borr Drilling provides shallow-water offshore services and said the expanded Mexican fleet should support regional and international energy demand.