Paratus Energy Services has secured Mexican competition clearance for the sale of Fontis Finance’s drilling operations and five jack-up rigs.

The approval from the board of commissioners of the Mexican Competition Authority allows the Bermuda-headquartered company to proceed with the divestment, which was announced in March 2026.

The deal consists of two inter-conditional transactions. Proyectos Globales de Energía y Servicios CME will acquire the Mexican operations of Fontis Finance for cash, while BC Ventures will purchase the Singapore-based entities that own the rig fleet through cash and seller’s credit.

BC Ventures is owned equally by subsidiaries of Borr Drilling and CME.

The fleet comprises two Friede & Goldman JU-2000E design rigs and three LeTourneau Super 116-C design rigs. All five jack-ups are currently in Mexico.

When the transaction was announced, its financing was expected to include a $237 million non-recourse seller’s credit. Borr Drilling and its local partner were also expected to contribute a combined $25 million in cash at closing.

The sale remains subject to the completion of the remaining customary conditions and closing procedures. Paratus Energy Services expects the divestment to close in Q3 2026.

Paratus Energy Services oversaw the separation of Fontis Finance from Seadrill, the establishment of its organisation, the full repayment of external financial debt and progress in collecting outstanding receivables.