Borr Drilling completes $287 million rig deal with Paratus unit
The acquisition of five premium jack-up rigs was carried out through a joint venture with Borr's well construction partner in Mexico.
Offshore jackup rig operator Borr Drilling has completed the acquisition of five premium jack-up rigs from Paratus Energy subsidiary Fontis Finance for a purchase price of $287 million. The deal gives Borr a larger fleet of premium jack-ups at a time when demand for high-specification offshore drilling units remains firm in several key markets.
The acquisition was carried out through BC Ventures, a joint venture split evenly between Borr Drilling and its well construction partner in Mexico. Structuring the deal through a joint venture allowed Borr to share the investment and integrate the rigs alongside an established local partner already active in Mexican offshore operations.
Premium jack-up rigs are typically used for shallow to mid-water offshore drilling and are favoured by operators for their advanced specifications, including higher operating capabilities in harsher environments compared with older-generation units. Adding five such rigs in a single transaction represents a meaningful expansion of Borr's premium fleet segment.
For Paratus Energy, the sale of the rigs through its Fontis Finance subsidiary represents an exit from this portion of its rig portfolio, freeing up capital while allowing the assets to continue operating under new ownership. Transactions of this kind are common in the offshore drilling sector as companies periodically reshape their fleets to match strategic priorities and financing needs.
With the deal now completed, attention turns to how Borr integrates the five rigs into its existing operations and deploys them across its target markets, particularly in Mexico where its joint venture partner is already established. The transaction adds to a steady flow of asset transfers in the premium jack-up segment as demand for offshore drilling capacity continues to evolve.
