Borr Drilling (NYSE: BORR) JV buys five jack-up rigs for $287M
Rhea-AI Filing Summary
Borr Drilling Limited, through its 50/50 joint venture BC Ventures Limited, completed the previously announced acquisition of five premium jack-up rigs from Fontis Finance Ltd. for a total purchase price of $287 million.
The rigs—two Friede & Goldman JU-2000E units (Oberon and Titania FE) and three LeTourneau Super 116-C units (Courageous, Defender, Intrepid)—are located in Mexico. BC Ventures financed the transaction with a $237 million non-recourse seller’s credit maturing in January 2029, secured by a first priority lien on the rigs, plus $25 million cash contributions from each joint-venture partner.
The acquisition increases Borr Drilling’s owned and jointly-owned fleet to 34 rigs and expands its presence in the Mexican shallow-water market, supporting its focus on modern jack-up rigs for offshore oil and gas customers worldwide.
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Key Figures
Total purchase price: $287 million
Seller's credit: $237 million
Cash contribution per partner: $25 million
+4 more
7 metrics
Total purchase price
$287 million
Acquisition price for five jack-up rigs by BC Ventures Limited
Seller's credit
$237 million
Non-recourse seller’s credit used to finance the acquisition, maturing January 2029
Cash contribution per partner
$25 million
Cash paid by each of Borr Drilling and its local joint-venture partner
Rigs acquired
5 rigs
Number of premium jack-up rigs acquired in Mexico through BC Ventures
Fleet size
34 rigs
Owned and jointly-owned rigs after completion of the acquisition
Seller's credit maturity
January 2029
Maturity date of the $237 million non-recourse seller’s credit
BC Ventures ownership
50/50 joint venture
Ownership split between Borr Drilling and its long-term well construction partner in Mexico
Key Terms
non-recourse seller’s credit, jack-up rigs, first priority lien, forward-looking statements
4 terms
non-recourse seller’s credit financial
"financed the acquisition through (i) a $237 million non-recourse seller’s credit"
jack-up rigs technical
"completed the previously announced acquisition of five premium jack-up rigs"
A jack-up rig is a mobile offshore platform used for drilling or servicing wells that lowers extendable legs to the seabed and then raises the working platform above the water like a table on stilts. Investors care because these rigs are revenue-generating assets whose value and income depend on oil and gas demand, contract rates and utilization; think of them as specialized rental equipment whose earnings rise and fall with energy prices and project activity.
first priority lien financial
"secured by, among other things, a first priority lien on the five jack-up rigs"
A first priority lien is a legal claim that gives one lender or creditor the top spot to be paid from specific assets if a borrower defaults or goes bankrupt. Think of it like holding the first place ticket in a line for a limited payout — that creditor gets paid before any others from the proceeds of the pledged assets. For investors, knowing who holds a first priority lien helps gauge how much money could realistically be recovered and how risky a company's debt or secured investment is.
forward-looking statements regulatory
"include forward-looking statements made under the “safe harbor” provisions"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What transaction did Borr Drilling (BORR) report in its July 29, 2026 Form 6-K?
Borr Drilling reported that its 50/50 joint venture, BC Ventures Limited, completed the acquisition of five premium jack-up rigs from Fontis Finance Ltd. for a total purchase price of $287 million, expanding its jack-up rig fleet in Mexico.
How much did BORR’s joint venture pay for the five jack-up rigs?
BC Ventures Limited paid a total purchase price of $287 million for five premium jack-up rigs. The acquired units include two Friede & Goldman JU-2000E rigs and three LeTourneau Super 116-C rigs, all currently located in Mexico.
How was the Borr Drilling (BORR) rig acquisition financed?
The acquisition was financed with a $237 million non-recourse seller’s credit plus $25 million cash from each joint-venture partner. The seller’s credit matures in January 2029 and is secured by a first priority lien on the five jack-up rigs.
How does this deal affect Borr Drilling’s (BORR) fleet size and presence in Mexico?
The transaction increases Borr Drilling’s owned and jointly-owned fleet to 34 rigs and expands its presence in Mexico’s shallow-water market. The company highlights this market as an important area for offshore jack-up drilling activity.
What key risks does Borr Drilling (BORR) highlight regarding this transaction and financing?
Borr Drilling cites risks related to contracting the acquired rigs, demand for energy and its services, and the seller’s credit, including the ability to repay or refinance the debt at maturity, alongside broader geopolitical and sanctions-related risks.
What is BC Ventures Limited in relation to Borr Drilling (BORR)?
BC Ventures Limited is a 50/50 joint venture between Borr Drilling and its long-term well construction partner in Mexico. This joint venture owns the entities that hold the five newly acquired jack-up rigs located in Mexico.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
July 29, 2026
Commission File Number 001-39007
Borr Drilling Limited
S. E. Pearman Building
2nd Floor 9 Par-la-Ville Road
Hamilton HM11
Bermuda
(Address of principal executive office)
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Exhibits
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99.1
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Press Release
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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BORR DRILLING LIMITED
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Date: July 29, 2026
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By:
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/s/ Mi Hong Yoon
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Name:
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Mi Hong Yoon
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Title:
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Director
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Exhibit 99.1
PRESS RELEASE
Borr Drilling Limited – Completes Acquisition of Five Rigs Through New Joint Venture
Hamilton, Bermuda, July 29, 2026 – Borr Drilling Limited (NYSE and OSE: BORR) (“Borr Drilling” or the “Company”) today announced that BC Ventures Limited (“BC Ventures”), a
50/50 joint venture between the Company and its long-term well construction partner in Mexico, has completed the previously announced acquisition of five premium jack-up rigs from Fontis Finance Ltd. for a total purchase price of $287 million.
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 Mexico.
BC Ventures has financed the acquisition through (i) a $237 million non-recourse seller’s credit and (ii) a $25 million cash contribution from each of the Company and its local partner. The seller’s credit matures in
January 2029 and is secured by, among other things, a first priority lien on the five jack-up rigs.
This strategic transaction increases the Company’s owned and jointly-owned fleet to 34 rigs and expands its presence in Mexico, a well-established shallow-water market, while enhancing the Company’s ability to
capitalize on growing demand for secure, reliable and diversified sources of energy, both in the region and internationally.
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.
Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208, ir@borrdrilling.com