Borr Drilling has completed the acquisition of five premium jack-up drilling rigs from Fontis Finance through BC Ventures, a 50-50 joint venture between Borr and its long-term well construction partner in Mexico. The total purchase price was $287 million.
The transaction includes two Friede & Goldman JU-2000E rigs named Oberon and Titania FE, along with three LeTourneau Super 116-C rigs named Courageous, Defender and Intrepid. All five units are currently located in Mexico, strengthening the joint venture’s position in an established shallow-water drilling market.
BC Ventures financed the purchase through $237 million of non-recourse seller credit and cash contributions of $25 million from each joint venture partner. The seller financing matures in January 2029 and is secured by a first-priority lien on the acquired rigs.
Non-recourse financing generally limits the lender’s recovery to specified project or asset-level collateral rather than giving it a broad claim against the parent companies. In this case, the five rigs and related assets support the seller credit, although the joint venture remains responsible for repaying or refinancing the obligation by maturity.
The acquisition increases Borr Drilling’s owned and jointly owned fleet to 34 rigs. Jack-up rigs operate in shallow water by extending support legs to the seabed and lifting the drilling platform above the surface, providing a stable base for offshore exploration and production work.
Borr focuses on modern, high-specification equipment serving the global shallow-water oil and gas industry. The additional rigs expand its exposure to Mexico and provide more capacity to pursue demand for offshore drilling services in the region and other international markets.
