Borr Drilling announced that BC Ventures Limited (“BC Ventures”), a 50/50 joint venture between the Company and its long-term well construction partner in Mexico, has completed the previously announced acquisition of five premium jack-up rigs from Fontis Finance Ltd. for a total purchase price of $287 million.
Under the transaction, BC Ventures has acquired the rig-owning entities of two Friede & Goldman JU-2000E design rigs (Oberon and Titania FE) and three LeTourneau Super 116-C design rigs (Courageous, Defender, and Intrepid). These five rigs are currently located in Mexico.
BC Ventures has financed the acquisition through (i) a $237 million non-recourse seller’s credit and (ii) a $25 million cash contribution from each of the Company and its local partner. The seller’s credit matures in January 2029 and is secured by, among other things, a first priority lien on the five jack-up rigs.
This strategic transaction increases the Company’s owned and jointly-owned fleet to 34 rigs and expands its presence in Mexico, a well-established shallow-water market, while enhancing the Company’s ability to capitalize on growing demand for secure, reliable and diversified sources of energy, both in the region and internationally.
Source: cyprusshippingnews.com
