BC Ventures acquires five jack-up drilling rigs from Fontis Finance for $287 million
Type: Acquisition · Technology: Oil Gas · Country: Mexico · Value: $287M · Announced: 2026-07-29
BC Ventures, the 50/50 joint venture between Borr Drilling and its Mexican partner, acquired five premium jack‑up drilling rigs from Fontis Finance for $287 million. The rigs include two Friede & Goldman JU‑2000E units (Oberon and Titania FE) and three LeTourneau Super 116‑C units (Courageous, Defender and Intrepid), all currently operating in Mexico’s shallow‑water offshore sector. The transaction was financed with a $237 million non‑recourse seller’s credit and $25 million equity contributions from each Borr Drilling and its partner, with the credit maturing in January 2029. The acquisition expands BC Ventures’ fleet to 34 rigs, strengthening its position in the Mexican offshore market and supporting growing demand for secure, diversified energy supplies. The deal underscores Borr Drilling’s strategy to deepen its footprint in Mexico and highlights the importance of flexible financing structures for offshore oil‑gas operations.
Counterparties
- Fontis Finance (Seller)
- Borr Drilling (Parent Company)
- BC Ventures (Buyer)
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