BC Ventures, a 50/50 joint venture between Bermuda-based Borr Drilling and its local well construction partner CME, has successfully finalised the acquisition of five premium jack-up rigs from Fontis Finance. The transaction, valued at US$287m, significantly expands the drilling contractor’s footprint across the Mexican shallow-water market.
This strategic purchase incorporates two Friede & Goldman JU-2000E rigs, specifically Oberon and Titania FE, alongside three LeTourneau Super 116-C units known as Courageous, Defender and Intrepid. All five assets are currently located in Mexico.
Financial structuring for the acquisition includes a US$237m non-recourse seller’s credit, scheduled to mature in January 2029. Furthermore, both joint venture partners provided an equal US$25m cash contribution to complete the deal. Consequently, this major procurement increases Borr Drilling's total owned and jointly-owned global fleet to 34 rigs.
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