Borr Drilling, an offshore drilling player with its corporate base in Bermuda, has taken steps to streamline its operations in Mexico through a sale of its interests in joint ventures Perforaciones Estratégicas e Integrales Mexicana and Perforaciones Estratégicas e Integrales Mexicana II, known together as Perfomex, while retaining rig ownership and contract economics.
Borr Drilling has entered into definitive agreements to divest its 51% equity interest in the Mexican joint ventures to its long-standing local partner in Mexico, which enables it to fully divest Perfomex, while its local partner will become its sole owner and assume responsibility for the management and operation of the company’s Galar, Gersemi, and Njord jack-up rigs, currently working for Pemex.
The firm will keep ownership of the three rigs and continue participating in the underlying contracts through bareboat charter agreements, with economics expected to be largely unchanged from the existing arrangement. Njord is currently contracted through April 2028, with extension options thereafter, while Galar and Gersemi are contracted through May 2030.
The transaction follows Borr Drilling’s recent expansion in Mexico with the acquisition of five premium jack-up rigs, which the firm jointly owns through BC Ventures, a 50/50 joint venture with its local partner.
Upon completion, Perfomex will continue its operations related to integrated well services and Pemex, while the Bermuda-headquartered player will independently operate and market its fleet to other operators in the region through its affiliated companies. The sale is expected to close in September 2026, subject to customary closing conditions.
This divestment is expected to simplify Borr Drilling’s corporate and operating structure in Mexico, as it believes the streamlined structure strengthens its local partnership, creates a more efficient platform for future growth in Mexico, and supports the deployment of additional rigs as demand develops in this well-established shallow-water market.
Under the terms of the definitive agreements, a post-closing transition period is expected to facilitate the orderly transfer of operational responsibilities to Borr Drilling’s local partner.
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