Borr Drilling Limited - Acquisition of Five Premium Jack-Up Rigs through New Joint Venture
Borr Drilling Limited Common Shares (BORR)
Company Research
Source: PR Newswire
HAMILTON, Bermuda, March 23, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE and Euronext Growth Oslo: "BORR") ("Borr Drilling" or the "Company") announced today that it has entered into definitive agreements to acquire five premium jack-up rigs from Fontis Finance Ltd. ("Fontis") for a purchase price of $287 million (the "Transaction").The acquisition will be completed through BC Ventures Limited, a newly established 50/50 joint venture between subsidiaries of Borr Drilling and its long-term well construction partner in Mexico.Under the Transaction, the joint venture will acquire the rig-owning entities, which own two Friede & Goldman JU-2000E design rigs and three LeTourneau Super 116-C design rigs. These five rigs are currently located in Mexico.The Transaction is expected to be financed through a $237 million non-recourse seller's credit, in addition to a cash contribution of $25 million from each of Borr Drilling and its local partner at closing. The seller's credit will have a
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BORR
News
- Borr Drilling to acquire five jack-up rigs from Paratus for $287m [Yahoo! Finance]Yahoo! Finance
- Borr Drilling forms Mexico JV to acquire five rigs for $287M [Seeking Alpha]Seeking Alpha
- Borr Drilling Limited - Acquisition of Five Premium Jack-Up Rigs through New Joint Venture [Yahoo! Finance]Yahoo! Finance
- Paratus Energy Services Ltd. Announces Sale of its Jack-up Business [Yahoo! Finance]Yahoo! Finance
- SEB Equities Downgrades Borr Drilling Limited (BORR) to Hold from Buy with a $5.45 Price Target [Yahoo! Finance]Yahoo! Finance
BORR
Sec Filings
- 3/24/26 - Form 6-K
- 3/18/26 - Form 3
- 3/18/26 - Form 3
- BORR's page on the SEC website