(WO) — Borr Drilling has agreed to divest its 51% equity interest in Mexican joint venture Perfomex to its longtime local partner while retaining ownership of three jackup rigs currently working for Pemex.
Following the transaction, Borr’s local partner will become the sole owner of Perfomex and assume responsibility for managing and operating the Galar, Gersemi and Njord jackup rigs.
Borr will retain ownership of all three rigs and continue participating in the underlying Pemex contracts through bareboat charter agreements. The company said the economics are expected to remain largely unchanged from the existing arrangement.
The Njord is contracted through April 2028, with extension options, while the Galar and Gersemi are contracted through May 2030.
The divestment follows Borr’s recent expansion in Mexico through the acquisition of five premium jack-up rigs. Those rigs are jointly owned through BC Ventures Ltd., a 50-50 joint venture between Borr and its local partner.
After the transaction closes, Perfomex will continue providing integrated well services related to Pemex operations. Borr, meanwhile, will independently operate and market its fleet to other operators in the region through affiliated companies.
Borr said the restructuring will simplify its corporate and operating structure in Mexico while providing a platform to deploy additional rigs as shallow-water drilling demand develops.
The transaction is expected to close in September 2026, subject to customary conditions. The companies did not disclose a transaction value, with consideration based on the estimated net book value of Borr’s Perfomex interest as of July 31.
Top image: Pemex
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