Borr Drilling announced the execution of definitive agreements to divest its controlling equity interest in Perfomex, a Mexican well services joint venture, to its local partners Perforaciones Estratégicas e Integrales Mexicana and Perforaciones Estratégicas e Integrales Mexicana II.
The transaction will result in Borr’s complete exit from the venture, with the local partner assuming full ownership and operational control of the Galar, Gersemi, and Njord jack-up rigs currently contracted to PEMEX, Mexico’s state-owned petroleum company. Despite the ownership transfer, Borr will retain ownership of the three rigs and maintain its involvement in the associated contracts through bareboat charter arrangements, with commercial terms expected to remain substantially similar to existing conditions.
The Galar and Gersemi rigs hold contracts extending through May 2030, while the Njord rig is engaged through April 2028, with both subject to possible extensions. The sale valuation is calculated based on the net book value of Borr’s equity stake in Perfomex as measured on 31 July 2026. Completion of the transaction is anticipated this month, contingent upon standard closing requirements. A structured transition period has been incorporated into the agreement to facilitate the handover of operational responsibilities to the acquiring partner.
This divestment represents part of Borr’s broader strategic positioning in Mexico. The company has concurrently expanded its regional presence through BC Ventures, a 50:50 joint venture with Mexican energy services firm Proyectos Globales de Energía y Servicios CME. BC Ventures acquired five premium jack-up rigs from Fontis Finance, a Paratus Energy Services subsidiary, for $287m, comprising two Friede and Goldman JU-2000E design units and three LeTourneau Super 116-C design units based in Mexico. The acquisition was financed through $237m in non-recourse seller financing and $25m in cash contributions from each JV participant. Additionally, Borr completed the acquisition of five premium jack-up rigs from Noble in January 2026 for $360m.
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