Borr Drilling sells 51% stake in Perfomex JV to local partner

Type: Sale · Technology: Oil Gas · Country: Mexico · Announced: 2026-09-16

Borr Drilling agreed to sell its 51% equity interest in the Perfomex joint ventures to its local partner, transferring ownership of the Galar, Gersemi, and Njord jack-up rigs. The definitive agreements cover Borr's interests in Perforaciones Estratégicas e Integrales Mexicana and Perforaciones Estratégicas e Integrales Mexicana II, with the transaction expected to close in September 2026. Borr will retain ownership of the three rigs and continue to participate in their underlying contracts through bareboat charters, with Njord contracted through April 2028 and Galar and Gersemi through May 2030. The sale consideration is based on the estimated net book value of Borr's equity interest as of July 31, 2026.

Analysis

Borr Drilling Limited agreed to sell its 51% equity interest in the Perfomex joint ventures, covering the Galar, Gersemi and Njord jack‑up rigs, to Perforaciones Estratégicas e Integrales Mexicana. Borr Drilling is an international jack‑up drilling contractor that provides offshore shallow‑water drilling services. Perforaciones Estratégicas e Integrales Mexicana is the local partner acquiring the equity interest. The transaction will close in September 2026, with Borr retaining bareboat charters on the rigs—Njord through April 2028 and Galar and Gersemi through May 2030—and the sale consideration based on the estimated net book value of Borr’s equity interest as of 31 July 2026.

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