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Borr Drilling JV Completes Acquisition of 5 Jack-Up Rigs in Mexico

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Borr Drilling (BORR) said Wednesday its joint venture BC Ventures has completed the acquisition of five premium jack-up rigs in Mexico from Fontis Finance for $287 million.

Borr's fleet now consists of 34 rigs following the transaction. Borr holds a 50% interest in BC Ventures, while its long-term well construction partner in Mexico holds the other 50%.

The joint venture owners contributed $25 million each to finance the acquisition. BC Ventures also tapped a $237 million non-recourse seller's credit to acquire the rigs, the statement said.

The assets include two Friede & Goldman JU-2000E design rigs and three LeTourneau Super 116-C design rigs, the company said.

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