Under the terms of the agreement, the local partner will assume full management and operational control of the Galar, Gersemi, and Njord rigs. Despite the change in ownership, Borr Drilling will keep the assets on its books, shifting to bareboat charter agreements to ensure the underlying economics remain largely stable. The Njord rig is currently secured through April 2028, with Galar and Gersemi under contract until May 2030.
Borr Drilling Exits Mexican Joint Ventures to Simplify Operations
Conflict lead: While retaining ownership of its premium jack-up rigs, Bermuda-based Borr Drilling is offloading its 51% stake in two Mexican joint ventures, Perfomex, to a local partner. The move marks a strategic pivot to streamline the company's regional corporate structure while maintaining existing service contracts with PEMEX.
This divestment follows Borr Drilling’s recent expansion in the region, specifically its acquisition of five additional premium jack-up rigs held through the BC Ventures Limited joint venture. By separating from the Perfomex entities, the company intends to market its broader fleet independently to other operators in Mexico. The transaction is expected to close in September 2026, with a transition period planned to ensure the orderly transfer of operational duties.
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