Borr Drilling Limited - Completes Acquisition of Five Rigs Through New Joint Venture
Rhea-AI Summary
Borr Drilling (NYSE: BORR) reported that BC Ventures, its 50/50 joint venture with its long-term Mexican well construction partner, has completed the previously announced acquisition of five premium jack-up rigs from Fontis Finance for a total purchase price of $287 million.
According to Borr Drilling, BC Ventures acquired the rig-owning entities of two Friede & Goldman JU-2000E design rigs (Oberon and Titania FE) and three LeTourneau Super 116-C design rigs (Courageous, Defender, and Intrepid), all currently located in Mexico. The acquisition was financed through a $237 million non-recourse seller's credit and a $25 million cash contribution from each JV partner. The seller's credit matures in January 2029 and is secured by a first priority lien on the five rigs. This transaction increases Borr Drilling's owned and jointly-owned fleet to 34 rigs, strengthens its footprint in Mexico's shallow-water market, and is intended to support participation in growing demand for secure and diversified energy sources regionally and internationally.
Positive
- $287 million acquisition of five premium jack-up rigs via JV
- Financing structure includes $237 million non-recourse seller's credit
- Limited upfront equity with $25 million cash from Borr Drilling
- Fleet expands to 34 owned and jointly-owned rigs
- Greater exposure to Mexican shallow-water drilling market
Negative
- New $237 million seller's credit liability maturing January 2029
- First priority lien on five rigs secures the seller's credit
Key Figures
Previous Partnership,acquisition Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 23 | Rig acquisition | Positive | +3.6% | Five rigs announced through a 50/50 joint venture with a Mexican partner |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
The prior tag-matched partnership/acquisition announcement was followed by a positive 3.58% 24-hour move, providing one aligned comparison.
Key Terms
jack-up rigs technical
non-recourse seller's credit financial
first priority lien financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Under the transaction, BC Ventures has acquired the rig-owning entities of two Friede & Goldman JU-2000E design rigs (Oberon and Titania FE) and three LeTourneau Super 116-C design rigs (Courageous, Defender, and Intrepid). These five rigs are currently located in
BC Ventures has financed the acquisition through (i) a
This strategic transaction increases the Company's owned and jointly-owned fleet to 34 rigs and expands its presence in
About Borr Drilling Limited
Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 and on Euronext Oslo Børs since May 21, 2026 under the ticker "BORR." The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow-water segment to the offshore oil and gas industry worldwide. Please visit our website at www.borrdrilling.com.
Forward-Looking Statements
This press release and related discussions include forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "likely", "aim", "plan", "guidance" and similar expressions and include statements regarding the transaction described herein, including the benefits thereof, the financing of BC Ventures Limited, demand for energy sources, and other non-historical statements. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors that could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to contracting our rigs, including our ability to secure commitments and convert such commitments into contracts, including those rigs acquired under the transaction described herein, risks relating to market trends including demand for sources of energy, risks related to demand for our services, risks relating to the seller's credit described herein, including risks relating to our ability to repay or refinance such debt at maturity, risks related to the financing of BC Ventures Limited, risks related to geopolitical events, the risk of customers becoming subject to sanctions, and other risks and uncertainties, including those described in our annual report on Form 20-F for the year ended December 31, 2025 and our other filings with and submissions to the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT:
Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208, ir@borrdrilling.com
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SOURCE Borr Drilling Limited