Borr Drilling has signed definitive agreements to purchase five jack-up rigs from Fontis Finance, a subsidiary of Paratus Energy Services, for $287m.
This acquisition will be conducted via BC Ventures, a new 50:50 joint venture (JV) incorporated between subsidiaries of Borr Drilling and Proyectos Globales de Energía y Servicios CME (CME), Borr’s longstanding well construction partner in Mexico.
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The JV will acquire ownership of two Friede & Goldman JU-2000E design rigs and three LeTourneau Super 116-C design rigs, which are all currently situated in Mexico.
The transaction is structured as two interdependent deals, one of them being CME’s acquisition of Fontis’ Mexican operations for cash. The second deal will see CME and Borr acquire Fontis’ Singapore-based rig-owning entities.
The transaction’s financing will involve a $237m non-recourse seller’s credit, supplemented by a $25m cash contribution from both Borr Drilling and its local partner at closing.
The seller’s credit will mature 2.5 years after closing and will be secured with a first lien on the five jack-up rigs, among other securities.
Completion of the transaction is anticipated during the third quarter of 2026, pending merger control approvals and other customary closing conditions.
Borr Drilling CEO Bruno Morand said: “We are pleased to execute this acquisition alongside our long-standing partner. Together, we have built a strong brand with a proven operational track record in Mexico.
“These rigs are being acquired at an attractive valuation and at a lower debt per rig and cash breakeven level than our existing fleet.
“We continue to see shallow-water rigs as strategically important for our customers, particularly at a time when security of energy supply and reliability of execution are of heightened importance.
“In the current environment, we expect demand for jack-up rigs to increase, and the acquisition of these units positions us well to capture future opportunities in Mexico and globally.”
Since acquiring Fontis in 2022, Paratus Energy has managed the distribution of approximately $760m worth of assets to stakeholders.
Under its management, Paratus Energy facilitated Fontis’ separation from Seadrill, debt repayment and collection of receivables.
Paratus Energy CEO Robert Jensen said: “With this transaction, we take a decisive step toward becoming a leading pure-play pipe-laying support vessel (PLSV) company of scale. Supported by a fully contracted fleet, strong cash flow visibility and a flexible balance sheet, we are well positioned to deliver sustainable shareholder distributions while actively pursuing attractive growth opportunities.”
In January 2026, Borr Drilling completed the purchase of five premium jack-up rigs from offshore drilling contractor Noble for a consideration of $360m. Announced in December 2025, this acquisition expanded Borr Drilling’s fleet to 29 rigs, bolstering its capacity to operate in offshore basins worldwide.
