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Update: Borr Drilling Shares Rise After Divesting Mexican Oil Drilling Joint Ventures

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(Updates with the latest stock price movement in the headline and first paragraph.)

Borr Drilling (BORR) shares rose over 5% on Tuesday after the company said it agreed to divest its 51% interest in two oil-drilling Mexican joint ventures to its partner in Mexico.

No financial terms were disclosed.

Under terms of the transaction, Borr Drilling will transfer to its local partner responsibility for management of three of the company's jack-up rigs, which are operating in collaboration with state-oil company PEMEX.

Borr Drilling will retain ownership of the three rigs, and continue participating in the underlying contracts through bareboat charter agreements, it said.

Borr Drilling said the new arrangement creates a more-efficient platform for expansion in Mexico, as demand for shallow-water oil drilling grows.

Price: $4.34, Change: $+0.22, Percent Change: +5.34%

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