Borr Drilling fleet grows to 34 rigs as Fontis deal closes
BC Ventures, a 50/50 joint venture between Borr Drilling and its long-term well construction partner in Mexico, completed its acquisition of five premium jackup rigs from Fontis Finance for $287 million.
The rigs, comprising two Friede & Goldman JU-2000E design units (Oberon and Titania FE) and three LeTourneau Super 116-C design units (Courageous, Defender and Intrepid), are currently located in Mexico. BC Ventures financed the purchase through a $237 million non-recourse seller’s credit, maturing in January 2029 and secured by a first-priority lien on the five rigs, along with $25 million cash contributions from each partner.
The transaction increases Borr Drilling’s owned and jointly-owned fleet to 34 rigs and expands the company’s presence in the Mexican shallow-water market.
