Paratus Energy Services has received clearance from the board of commissioners of the Mexican Competition Authority for the planned divestment of Fontis Finance’s drilling operations and jack-up fleet.
The transaction, announced in March 2026, consists of two inter-conditional agreements. Proyectos Globales de Energía y Servicios CME will acquire the Mexican operations of Fontis Finance for cash.
A separate acquisition vehicle jointly owned by subsidiaries of Borr Drilling and CME will purchase the Singapore-based rig-owning entities of Fontis Finance. The consideration will combine cash and seller’s credit.
The sale remains subject to customary conditions precedent and closing procedures. Completion is expected during Q3 2026.
Paratus Energy Services oversaw the separation of Fontis Finance from Seadrill, the organizational build-up of the business, the full repayment of external financial debt and progress in collecting outstanding receivables.
The company determined that the assets could compete more effectively as part of a larger jack-up industry platform.
The entities being acquired own five jack-up rigs. The fleet comprises two Friede & Goldman JU-2000E design rigs and three LeTourneau Super 116-C design rigs. All five units are currently located in Mexico.
When the transaction was announced, the acquisition was expected to be financed through a $237 million non-recourse seller’s credit and a $25 million cash contribution from Borr Drilling and its local partner at closing.
