Borr Drilling, the offshore drilling company, has recently signed definitive agreements to transfer 51% of its shares in two Mexican companies to a local partner. Following the completion of this deal, Borr Drilling will fully transfer its stake in the relocation of Perfomex, and the local partner will gain full ownership of Perfomex and will be responsible for the management and operations of the drilling rigs Galar, Gersemi, and Njord, which are currently operating with Pemex.
Details of the Deal and the Status of the Drilling Rigs
Borr Drilling retains ownership of the three mentioned drilling rigs and will continue to participate in infrastructure contracts through bareboat charter agreements. The economic status of these contracts will largely remain unchanged. The Njord rig has a contract until April 2028 with the possibility of extension, while the Galar and Gersemi rigs are under contract until May 2030.
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Financial and Operational Implications
With the completion of this transaction planned for this month, Perfomex will continue its activities in integrated well services and collaboration with Pemex. Meanwhile, Borr Drilling will independently manage the operations and marketing of its fleet for other operators in the region through its subsidiaries. Under the terms of the definitive agreements, the transition period after the contract closure will facilitate the orderly transfer of operational responsibilities to the local partner of Borr Drilling.
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