Borr Drilling has signed definitive agreements to acquire five jackup rigs in Mexico through BC Ventures Limited, a new 50/50 joint venture with CME, its long-term Mexican partner.
The deal covers Fontis Energy’s drilling operations and jackup fleet. The units named in the transaction are Titania FE, Oberon, Defender, Intrepid, and Courageous. All five rigs are currently located in Mexico.
According to the announcement, the acquisition price is $287 million. The transaction is structured through two inter-conditional deals. Under that structure, CME will acquire the Fontis Mexican operations for cash consideration, while CME and Borr Drilling, through BC Ventures Limited, will acquire Fontis’ Singapore rig-owning entities through a combination of cash and seller’s credit.
The companies said the transaction is expected to close in Q3 2026, subject to closing conditions including merger control approvals. It is also subject to a long-stop date of six months from signing, with a possible extension of up to 60 days in 30-day increments under agreed terms.
Borr Drilling chief executive Bruno Morand said shallow-water rigs remain strategically important for customers at a time when energy supply security and execution reliability are under closer focus. He added that the company expects jackup demand to rise and sees the acquisition as a way to pursue opportunities in Mexico and other markets.
Fontis Energy has been owned by Paratus Energy Services since 2022. The business was previously known as SeaMex and operated as a joint venture of Seadrill until Seadrill sold its stake in Paratus Energy Services. Paratus Energy Services said the Fontis assets would be better placed within a larger jackup platform. The company will continue its international pipe-laying support vessel business.
The latest agreement follows Borr Drilling’s recent acquisition of five jackups from Noble Corp.
