From Yahoo Finance · · 1m 30s
Borr Drilling exits Mexican venture with majority stake sale
Borr Drilling is selling its controlling stake in Perfomex to a local Mexican partner while keeping ownership of three jack-up rigs.
In brief
Borr Drilling is selling its controlling stake in Perfomex to a local Mexican partner while keeping ownership of three jack-up rigs. Borr is exiting its management role in Perfomex but staying financially involved through bareboat charter agreements on three rigs working for Mexico's state oil company. Originally…
Borr exits Perfomex with majority stake sale
Borr Drilling has signed a deal to sell its 51% stake in Mexican well services joint venture Perfomex to local partner Perforaciones Estratégicas e Integrales Mexicana, fully exiting the investment.
Three rigs stay with Borr after sale
After the sale, Borr will continue to own the Galar, Gersemi, and Njord jack-up rigs, which are currently operating for PEMEX, Mexico's state-owned petroleum company.
Bareboat charter deals continue unchanged
Borr will remain involved through bareboat charter agreements with commercial terms expected to stay largely the same as current arrangements.
Rig contracts extend through 2028 and 2030
The Galar and Gersemi rigs have contracts running until May 2030, while Njord is contracted through April 2028, both with extension options available.
Sale completion expected this month
The transaction is scheduled for completion in September 2026, pending customary closing conditions, with a transition period to support the handover of operational duties.
Part of Borr's broader Mexico expansion
This sale follows Borr's recent expansion through BC Ventures, a 50-50 joint venture that acquired five premium jack-up rigs from Fontis Finance for $287 million in 2026.
The key point
Borr is exiting its management role in Perfomex but staying financially involved through bareboat charter agreements on three rigs working for Mexico's state oil company.
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