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FINWIRES

Borr Drilling Closes $287 Million Acquisition of Five Jack-Up Rigs

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BC Ventures, a 50:50 joint venture between Borr Drilling (BORR.OL) and its Mexican well-construction partner, completed the purchase of five jack-up rigs from Fontis Finance.

The $287 million transaction covers the acquisition of the rig-owning entities for two Friede & Goldman JU-2000E design rigs and three LeTourneau Super 116-C design rigs in Mexico. The deal increases Borr Drilling's owned and jointly owned fleet to 34 rigs, according to a Wednesday release.

BC Ventures financed the acquisition with a $237 million non-recourse seller's credit and cash contributions of $25 million from Borr Drilling and its local partner.

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