BC Ventures, a 50/50 joint venture between subsidiaries of Borr Drilling and CME, has completed the $287 million acquisition of five jack-up rigs located in Mexico.
The joint venture acquired the rig-owning entities from Fontis Finance, an indirect subsidiary of Paratus Energy Services. CME is Borr Drilling’s long-term well construction partner in Mexico.
The transaction covers two Friede & Goldman JU-2000E design rigs, Oberon and Titania FE, and three LeTourneau Super 116-C design rigs, Courageous, Defender, and Intrepid.
The purchase was financed with a $237 million non-recourse seller’s credit and cash contributions of $25 million each from Borr Drilling and its local partner.
The seller’s credit will mature in January 2029. The financing is secured by a first-priority lien on the five jack-up rigs, among other security arrangements.
Following the acquisition, Borr Drilling’s owned and jointly owned fleet has increased to 34 rigs. The transaction also expands the company’s presence in Mexico.
Baton Haxhimehmedi, Interim CEO and CFO of Paratus Energy Services, said the completion of the transaction leaves the company focused on its PLSV business. He also referred to its fully contracted fleet, strong cash flow visibility and simplified operations in an infrastructure-linked segment.
