Mergers & Acquisitions ·
Borr Drilling Limited announced the completion of a joint venture acquisition of five premium jack-up rigs from Fontis…
BORRBorr Drilling Ltd
Borr Drilling Limited announced the completion of a joint venture acquisition of five premium jack-up rigs from Fontis Finance Ltd. for $287 million. The buyer is BC Ventures Limited, a 50/50 joint venture between Borr Drilling and its Mexican well construction partner. The fleet includes two Friede & Goldman JU-2000E design rigs (Oberon and Titania FE) and three LeTourneau Super 116-C design rigs (Courageous, Defender, and Intrepid), all located in Mexico. Financing consists of a $237 million non-recourse seller’s credit maturing in January 2029 and $50 million in cash contributions from the partners. This transaction expands Borr Drilling's owned and jointly-owned fleet to 34 rigs and strengthens its presence in the shallow-water offshore oil and gas market.