Borr Drilling Divests Majority Stake in Perfomex Joint Ventures

Borr Drilling signed definitive agreements to divest its 51% equity interest in its Mexican joint ventures, Perforaciones Estratégicas e Integrales Mexicana S.A. de C.V. and Perforaciones Estratégicas e Integrales Mexicana II, S.A. de C.V., collectively known as Perfomex.

The interest will be sold to a long-standing local partner who will assume sole ownership and management of the joint ventures. Despite the divestment, Borr Drilling will retain ownership of the jack-up rigs Galar, Gersemi, and Njord. The company will continue to participate in contracts with Pemex for these rigs through bareboat charter agreements.

The transaction is expected to close in September 2026, with a sale price based on the estimated net book value of the equity interest as of July 31, 2026. Borr Drilling intends for the move to simplify its corporate structure in Mexico and establish a more efficient platform for future growth.