BC Ventures, a 50/50 joint venture between Borr Drilling and its long-term well construction partner in Mexico, has completed the previously announced acquisition of five premium jack-up drilling rigs from Fontis Finance for $287 million, expanding the company's fleet and strengthening its position in the Mexican offshore market.
The acquisition includes two Friede & Goldman JU-2000E jack-up rigs, Oberon and Titania FE, and three LeTourneau Super 116-C jack-up rigs, Courageous, Defender and Intrepid. All five rigs are currently located in Mexico.
The transaction was financed through a $237 million non-recourse seller's credit, together with $25 million equity contributions from each of Borr Drilling and its long-term well construction partner in Mexico. The seller's credit matures in January 2029 and is secured, among other things, by a first-priority lien over the five rigs.
The acquisition increases Borr Drilling's owned and jointly owned fleet to 34 rigs and expands its presence in Mexico, which the company described as a well-established shallow-water drilling market.
Borr Drilling said the transaction enhances its ability to capitalize on growing demand for secure, reliable and diversified energy supplies in Mexico and international markets.