Borr Drilling Limited - Streamlines Mexico Operations
Borr Drilling has entered definitive agreements to divest its 51% equity interest in the Mexican joint ventures known as Perfomex to its long-standing local partner, with closing expected in September 2026. After closing, the local partner becomes sole owner of Perfomex and assumes management and operation of the jack-up rigs Galar, Gersemi and Njord working for PEMEX, while Borr retains ownership of the rigs and participates through bareboat charter agreements with economics expected to be largely unchanged. Contract coverage runs through May 2030 for Galar and Gersemi, and through April 2028 for Njord, which carries extension options thereafter.
Key figures
- Expected close
- September 2026
- Njord contract end
- April 2028 (with extension options)
- Consideration basis
- estimated net book value of Borr's equity interest in Perfomex as of July 31, 2026
- Equity interest sold
- 51%
- Galar gersemi contract end
- May 2030
- Bc ventures recent rig acquisitions
- five premium jack-up rigs
- Rigs transitioned to partner operation
- 3
AI analysis
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