Borr Drilling’s Mexican JV closer to being five rigs richer as sale clears regulatory hurdle

July 17, 2026, by Melisa Cavcic

Bermuda-headquartered Paratus Energy Services has picked up clearance for the divestment of drilling operations and jack-up fleet belonging to Fontis Finance, an indirect subsidiary, which is divesting its assets to Proyectos Globales de Energía y Servicios CME (CME) and BC Ventures, a 50/50 joint venture between subsidiaries of Bermuda-based Borr Drilling and CME as its long-term well construction partner in Mexico.

A jack-up rig — Courageous jack-up rig; Source: Fontis Energy

Paratus Energy Services disclosed the sale of its jack-up business in March 2026 through two inter-conditional transactions, whereby Proyectos Globales de Energía y Servicios CME would acquire the Fontis Mexican operations for cash consideration, while CME and Borr, through a jointly owned acquisition vehicle, would get Fontis’ Singaporean rig-owning entities for a combination of cash and seller’s credit.

“Paratus is pleased to announce that it has received clearance from the board of commissioners of the Mexican Competition Authority to proceed with the completion of the transaction,” emphasized the Bermuda-based firm.

The closing of the divestment, which remains subject to remaining customary conditions precedent and closing processes, is expected to occur during Q3 2026. Paratus oversaw Fontis’ separation from Seadrill, organizational build-up, full repayment of external financial debt, and significant progress on collecting outstanding receivables.

As a result, the company is convinced that these assets would benefit from being part of a larger jack-up industry platform to compete more effectively. This acquisition enables Borr Drilling’s joint venture to buy the rig-owning entities that own two Friede & Goldman JU-2000E design rigs and three LeTourneau Super 116-C design rigs.

All five rigs are currently in Mexico. When the purchase was first announced, the transaction was expected to be financed through a $237 million non-recourse seller’s credit, in addition to a cash contribution of $25 million from the offshore drilling player and its local partner at closing.

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