Hamilton, Bermuda – September 17, 2026 -- Borr Drilling Limited (NYSE: BORR) (OSE: BORR) has signed definitive agreements to sell its 51% equity interest in 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.
Local partner takes full ownership of Perfomex and rig operations
Once the deal closes, Borr's partner becomes sole owner of Perfomex and takes over management of the jack-up rigs Galar, Gersemi and Njord, which currently work under contract with PEMEX. Borr Drilling will retain title to all three rigs and continue earning from the underlying PEMEX contracts through bareboat charter agreements, with economics expected to remain largely unchanged from the current setup.
Contracts extend rig visibility to 2030
Njord runs through April 2028 with extension options, while Galar and Gersemi are contracted through May 2030.
Sale price pegged to July 2026 book value
The consideration for the transaction is based on the estimated net book value of Borr's equity interest in Perfomex as of July 31, 2026. Closing is expected in September 2026, subject to customary conditions, with a post-closing transition period to hand over operational responsibilities.
Move follows five-rig expansion through BC Ventures joint venture
The divestment comes after Borr Drilling's recent addition of five premium jack-up rigs in Mexico, jointly owned with its local partner through BC Ventures Limited, a 50/50 joint venture. Following the Perfomex exit, that entity will continue integrated well services work tied to PEMEX, while Borr Drilling independently operates and markets its fleet to other operators in the region through affiliated companies.
Company frames deal as structural simplification for growth
Borr Drilling said the streamlined structure strengthens its local partnership and creates a more efficient platform for deploying additional rigs as demand develops in Mexico's shallow-water market.