Borr Drilling Exits Perfomex Stake, Retains Mexico Rigs via Bareboat Deal
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.