Borr Drilling to sell 51% Perfomex stake in Mexico
Borr Drilling is exiting its Mexican Perfomex JVs while keeping rig ownership and converting PEMEX exposure to bareboat charters with largely unchanged economics.
Rhea-AI Filing Summary
Borr Drilling Ltd (BORR) has entered into definitive agreements to divest its 51% equity interest in its Mexican joint ventures Perfomex to its long-standing local partner. After completion, the partner will become sole owner of Perfomex and assume responsibility for managing and operating the jack-up rigs Galar, Gersemi and Njord for PEMEX.
Borr Drilling will retain ownership of the three rigs and continue to participate in the underlying PEMEX contracts through bareboat charter agreements, with economics expected to be largely unchanged from the existing arrangement. Njord is contracted through April 2028, while Galar and Gersemi are contracted through May 2030.
The divestment follows Borr Drilling’s recent acquisition of five premium jack-up rigs in Mexico through BC Ventures Limited, a 50/50 joint venture with the same local partner. The company states that this transaction is expected to simplify its corporate and operating structure in Mexico, strengthen the local partnership and provide a more efficient platform for future growth and deployment of additional rigs in the Mexican shallow-water market. The sale price is based on the estimated net book value of Borr’s equity interest in Perfomex as of July 31, 2026, and closing is expected in September 2026, subject to customary conditions.
Positive
- None.
Negative
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Key Figures
Equity interest divested: 51%
Njord contract term: Through April 2028
Galar and Gersemi contract term: Through May 2030
+5 more
8 metrics
Equity interest divested
51%
Equity interest in Perfomex joint ventures to be sold to local partner
Njord contract term
Through April 2028
Existing PEMEX contract for jack-up rig Njord
Galar and Gersemi contract term
Through May 2030
Existing PEMEX contracts for jack-up rigs Galar and Gersemi
Valuation reference date
July 31, 2026
Date for estimated net book value used to determine sale consideration
Expected closing timing
September 2026
Targeted closing period for the Perfomex divestment, subject to conditions
BC Ventures Limited ownership split
50/50
Joint venture between Borr Drilling and its local partner for five premium jack-up rigs
Year of incorporation
2016
Year Borr Drilling Limited was incorporated in Bermuda
NYSE listing date
July 31, 2019
Listing of Borr Drilling on the New York Stock Exchange
Key Terms
bareboat charter agreements, integrated well services, net book value, customary closing conditions, +1 more
5 terms
bareboat charter agreements financial
"continue participating in the underlying contracts through bareboat charter agreements"
A bareboat charter agreement is a contract in which the owner leases a ship to a charterer who takes full possession and control of the vessel for a set period, providing the crew, handling operations, maintenance, and paying running costs. For investors, it matters because a bareboat charter is like a long-term equipment lease: it shifts operating risk, cash-flow obligations, and potential balance-sheet implications to the charterer while the owner retains legal title to the ship.
integrated well services technical
"Perfomex will continue its operations related to integrated well services and PEMEX"
net book value financial
"sale consideration for the Transaction is based on the estimated net book value"
Net book value is the value of an asset or a business shown on the balance sheet after subtracting accumulated depreciation, amortization and any write-downs from the asset’s original cost. Investors use it as a conservative, accounting-based estimate of what would remain if assets were sold or obligations settled — like the 'used' value on a car title — helping identify whether a stock appears cheap relative to the company's recorded assets.
customary closing conditions regulatory
"Transaction is expected to close in September 2026, subject to customary closing conditions"
"Customary closing conditions" are standard rules or checks that must be met before a business deal can be finalized, like making sure all paperwork is in order or that certain approvals are obtained. They matter because they help protect both parties, ensuring everything is in place and reducing the risk of surprises or problems after the deal is closed.
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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What transaction did Borr Drilling (BORR) announce in Mexico on this Form 6-K?
Borr Drilling announced it has entered into definitive agreements to divest its 51% equity interest in the Mexican joint ventures collectively known as Perfomex to its long-standing local partner, which will then become the sole owner of Perfomex.
Will Borr Drilling (BORR) still be exposed to the PEMEX contracts after the Perfomex divestment?
Yes. Borr Drilling will retain ownership of the rigs Galar, Gersemi and Njord and will continue participating in the underlying PEMEX contracts via bareboat charter agreements, with economics expected to be largely unchanged from the current arrangement.
How long are Borr Drilling’s rigs contracted with PEMEX after this transaction?
Njord is contracted through April 2028, with extension options thereafter. Galar and Gersemi are contracted through May 2030, providing multi-year contract coverage for these three jack-up rigs.
What is the sale consideration basis for Borr Drilling’s stake in Perfomex?
The sale consideration is based on the estimated net book value of Borr Drilling’s equity interest in Perfomex as of July 31, 2026, rather than a separately stated market valuation or premium.
When is the Borr Drilling (BORR) Perfomex transaction expected to close?
The transaction is expected to close in September 2026, subject to customary closing conditions and a post-closing transition period to transfer operational responsibilities to Borr Drilling’s local partner.
How does this transaction fit with Borr Drilling’s broader Mexico strategy?
The company states that the deal follows its recent purchase of five premium jack-up rigs in Mexico via BC Ventures Limited and is expected to simplify its local structure, strengthen its partnership and support future growth and rig deployment in the Mexican shallow-water market.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
September
15, 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: September 15, 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
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PRESS RELEASE
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Borr Drilling Limited – Streamlines Mexico Operations
Hamilton, Bermuda, September, 15, 2026
– Borr Drilling Limited (NYSE and OSE: BORR) (“Borr Drilling” or the “Company”) today announced that it has entered into definitive agreements to divest its 51% equity interest in the Mexican joint ventures Perforaciones Estratégicas e Integrales
Mexicana S.A. de C.V. and Perforaciones Estratégicas e Integrales Mexicana II, S.A. de C.V. (together, “Perfomex”) to its long-standing local partner in Mexico (the “Transaction”).
Upon completion of the Transaction, Borr Drilling will have fully divested Perfomex, while its local partner will become the sole owner of Perfomex and assume
responsibility for the management and operation of the Company’s jack-up rigs Galar, Gersemi and Njord, which are currently operating with PEMEX. The Company will retain ownership of the three rigs and continue participating in the underlying
contracts through bareboat charter agreements, with economics expected to be largely unchanged from the existing arrangement. Njord is currently contracted through April 2028, with extension options thereafter, while Galar and Gersemi are contracted
through May 2030.
The Transaction follows Borr Drilling’s recent expansion in Mexico with the acquisition of five premium jack-up rigs, which the Company jointly owns through BC Ventures
Limited, a 50/50 joint venture with its local partner. Following completion of the Transaction, 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.
The Transaction is expected to simplify Borr Drilling’s corporate and operating structure in Mexico. The Company believes the streamlined structure strengthens its local
partnership, creates a more efficient platform for future growth in Mexico and supports the deployment of additional Borr rigs as demand develops in this well-established shallow-water market.
Under the terms of the definitive agreements, a post-closing transition period is expected to facilitate the orderly transfer of operational responsibilities to Borr
Drilling’s local partner.
The sale consideration for the Transaction is based on the estimated net book value of the Company’s equity interest in Perfomex as of July 31, 2026.
The Transaction is expected to close in September 2026, subject to customary closing conditions.
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”, “intend”, “may”, “should”, “will”, “likely”, “aim”, “plan”, “guidance” and
similar expressions and include, but are not limited to, statements regarding the proposed divestment of the joint ventures, the expected timing and completion of the transaction, the anticipated benefits of the divestment, the future management and
operating structure for the rigs in Mexico, the resource requirements related to our operations including any transitional services, the expected economics of the related bareboat charter arrangements, expectations about future growth in Mexico and
opportunities with PEMEX, contract coverage and extension opportunities, expectations about marketing and operations with international and independent oil companies and other operators in Mexico, expectations about the simplification of our
corporate and operating structure and strengthening our local partnership in Mexico including the benefits thereof, expectations about a gain or loss associated with the divestment, other statements relating to the divestment described herein,
ownership of rigs through BC Ventures Limited, 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 the risks relating to our business and industry, including relating to industry conditions, risks relating to completion of the divestment, including on
anticipated terms or within the expected timeframe, or at all, risks that the expected benefits of the divestment or simplified operating structure are not realized, risks relating to customer demand, contracting activity and market conditions, the
risk that our customers or counterparties fail to make required payments to us or otherwise comply with their contractual obligations, risks relating to contracting, including our ability to secure future opportunities in Mexico with PEMEX,
international and independent oil companies, or otherwise, risks related to the operating structure of the rigs in Mexico following the divestment, risks relating to the operations of our rigs and their associated contract terms, dayrates, and
bareboat charter rates, including bareboat charter agreements, risks relating to joint venture partners and counterparties under bareboat charter arrangements, risks relating to contracting our most recently acquired rigs and other available rigs
including the five rigs acquired from Fontis Finance Ltd. through a joint venture, risks relating to suspension or termination of operations, 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