Borr Drilling completes $287M five-rig acquisition via joint venture

Borr Drilling Limited (NYSE: BORR) (OSE: BORR) has completed the acquisition of five jack-up rigs through BC Ventures Limited, a 50/50 joint venture with its Mexico-based well construction partner, according to a press release from the company.

BC Ventures acquired the rig-owning entities from Fontis Finance Ltd. for a total purchase price of $287 million. The five rigs include two Friede & Goldman JU-2000E design rigs, named Oberon and Titania FE, and three LeTourneau Super 116-C design rigs, named Courageous, Defender, and Intrepid. All five rigs are currently located in Mexico.

The acquisition was financed through a $237 million non-recourse seller's credit and a $25 million cash contribution from each of the two joint venture partners. The seller's credit matures in January 2029 and is secured by a first priority lien on the five rigs.

The transaction brings Borr Drilling's owned and jointly-owned fleet to 34 rigs. The company is incorporated in Bermuda and listed on the New York Stock Exchange and Euronext Oslo Børs.

You May Also Be Interested In

• Global Water Resources raises $20M through stock sale and credit line
• GoPro to merge with Starman Optical in $285M recapitalization deal
• XTEND and JFB to merge, list on NYSE as XTEND AI Robotics