Borr Drilling Divests Mexican Joint Ventures to Local Partner

HAMILTON, Bermuda, Sept. 15, 2026 /CourierPR/ -- Borr Drilling Limited has announced plans to divest its 51% equity interest in the Mexican joint ventures, Perfomex, to its long-standing local partner. The transaction, expected to close in September 2026, will see Borr Drilling fully divest Perfomex, while its local partner will take full ownership and responsibility for managing and operating the Company’s jack-up rigs Galar, Gersemi, and Njord, which are currently contracted with PEMEX.

Upon completion, Borr Drilling will retain ownership of the three rigs and continue participating in the underlying contracts through bareboat charter agreements. The Njord rig is currently contracted until April 2028, with extension options thereafter, while Galar and Gersemi are contracted until May 2030. The divestment is part of Borr Drilling’s ongoing efforts to streamline its corporate and operating structure in Mexico, aiming to create a more efficient platform for future growth in the well-established shallow-water market.

The transaction follows Borr Drilling’s recent expansion in Mexico, where it acquired five premium jack-up rigs through a 50/50 joint venture with its local partner, BC Ventures Limited. Following the divestment, Perfomex will continue its operations related to integrated well services and PEMEX, while Borr Drilling will independently operate and market its fleet to other operators in the region through its affiliated companies.

Borr Drilling believes that the streamlined structure will strengthen its local partnership, support the deployment of additional Borr rigs as demand develops, and create a more efficient platform for future growth in Mexico. The Company expects the transaction to simplify its corporate and operating structure, leading to improved efficiency and better alignment with its strategic goals.

The sale consideration for the transaction is based on the estimated net book value of Borr Drilling's equity interest in Perfomex as of July 31, 2026. The Company anticipates that the economics of the related bareboat charter arrangements will remain largely unchanged from the existing arrangement. The divestment is expected to have minimal impact on the Company’s overall financial performance, with the bareboat charter agreements providing a stable revenue stream.

Borr Drilling Limited, an international drilling contractor with operations in Bermuda, is listed on the New York Stock Exchange and Euronext Oslo Børs. The Company owns and operates jack-up rigs of modern and high specification designs, providing services focused on the shallow-water segment to the offshore oil and gas industry worldwide.