Borr Drilling acquires five jackups through new JV

Borr Drilling entered into definitive agreements to acquire five premium jackups from Fontis Finance for a purchase price of $287 million.

The acquisition will be completed through BC Ventures, a newly established 50/50 joint venture (JV) between subsidiaries of Borr Drilling and its long-term well construction partner in Mexico.

The JV will acquire the rig-owning entities, which own two Friede & Goldman JU-2000E design rigs and three LeTourneau Super 116-C design rigs. These five rigs are currently located in Mexico.