Borr Drilling Buys Paratus' Jack-Up Fleet for Mexican Market
Oslo-listed Borr Drilling has acquired five jack-up rigs from the former Seadrill fleet through its joint venture vehicle in the Mexican offshore market.
The rigs include Oeron, Titania FE, Courageous, Defender and Intrepid, all located in Mexican waters. All belonged to Paratus Energy Services, a firm spun off from Seadrill in 2022 during Seadrill's bankruptcy proceedings.
The JV, BC Ventures, is getting the rigs for a total of about $287 million, including $237 million in financing from the seller. The seller credit bears interest of 10 percent in the first 12 months, rising over time.
BC Ventures is owned 50/50 with the global EPC company CME, and it operates in the shallow-water Mexican market. In a separate cash transaction, CME bought Fontis' Mexican business operations for a cash sum.
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The rig purchase is the second large acquisition for Borr this year. In January, the company acquired five jack-ups from Noble for $360 million. Taken altogether, Borr's partly- and wholly-owned fleet now totals 34 rigs.
The sale of Fontis' fleet also marks a closeout of Paratus' position in the drill rig market. Going forward, the former Seadrill unit will be focused exclusively on the specialized pipelay support vessel (PLSV) sector. Paratus' Seagems brand operates six PLSVs in the Brazilian offshore industry.
