Borr Drilling has agreed to sell its 51% stake in two Mexican joint ventures to its local partner, while retaining ownership of three jack-up rigs working for Pemex and continuing to participate in their underlying contracts through bareboat charters.
The definitive agreements cover Borr's interests in Perforaciones Estratégicas e Integrales Mexicana and Perforaciones Estratégicas e Integrales Mexicana II, together known as Perfomex.
Following completion, Borr's local partner will become the sole owner of Perfomex and take responsibility for managing and operating the Galar, Gersemi and Njord jack-ups.
Borr will retain ownership of all three rigs and said the economics from the underlying contracts are expected to remain largely unchanged under the bareboat charter arrangements.
Njord is contracted through April 2028, with extension options, while Galar and Gersemi are contracted through May 2030.
The sale consideration will be based on the estimated net book value of Borr's equity interest in Perfomex as of July 31, 2026. The transaction is expected to close in September, subject to customary conditions, followed by a transition period for the transfer of operational responsibilities.
The restructuring follows Borr's acquisition of five premium jack-up rigs in Mexico, jointly owned through BC Ventures Limited, a 50-50 joint venture with its local partner.
After the Perfomex transaction, Borr plans to independently operate and market its fleet to other operators in the region through affiliated companies, while Perfomex will continue activities related to integrated well services and Pemex.
Odin Starts Work as Rig Commitments Grow
Separately, Borr said its Odin jack-up started its contract offshore Texas and began earning dayrate revenue on September 11 following mobilisation in mid-August and subsequent acceptance testing.
In Southeast Asia, the Idun has been awarded a three-well contract with an undisclosed operator in Vietnam. The campaign is expected to last about 130 days and begin in the fourth quarter of 2026, directly after the rig's current contract.
In Europe, Eni exercised a nine-month option for the Bestla, extending its contract to September 2027. Eni retains another fixed-price option for a further nine-month extension.
Borr expects to assume operational management of Bestla in the fourth quarter of 2026 after completion of the rig's bareboat charter with its previous owner.