Borr Drilling has signed definitive agreements to sell its 51% equity interest in the Mexican well services joint venture (JV) Perfomex to its local partner.
The sale involves Perforaciones Estratégicas e Integrales Mexicana and Perforaciones Estratégicas e Integrales Mexicana II.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The deal will see Borr fully exit its investment in Perfomex.
Its local partner will take full ownership of Perfomex and operational control of the Galar, Gersemi and Njord jack-up rigs. These rigs are currently operating for PEMEX, the Mexican state-owned petroleum company.
After the sale is completed, Borr will continue to own the three rigs.
The company will remain involved in the associated contracts through bareboat charter agreements, with commercial terms expected to be largely unchanged from the existing arrangements.
The Galar and Gersemi rigs have contracts running until May 2030, while Njord is contracted through April 2028, with options for extension.
The sale price is based on the estimated net book value of Borr’s equity interest in Perfomex as of 31 July 2026.
The transaction is scheduled for completion this month, pending customary closing conditions.
The agreement includes a transition period designed to support the transfer of operational duties to the local partner.
This move follows Borr’s recent expansion in the Mexican market through BC Ventures, which acquired five premium jack-up rigs from Fontis Finance, a subsidiary of Paratus Energy Services, for $287m.
BC Ventures is Borr’s 50:50 JV with its Mexican well construction partner Proyectos Globales de Energía y Servicios CME.
The JV’s acquisition involved two Friede and Goldman JU-2000E design rigs and three LeTourneau Super 116-C design rigs, all situated in Mexico.
The purchase was funded by a $237m non-recourse seller’s credit and a $25m cash contribution by each JV partner.
In January 2026, Borr finalised the acquisition of five premium jack-up rigs from offshore drilling contractor Noble for a total of $360m.
