BC Ventures, a 50/50 joint venture between subsidiaries of Bermuda-based Borr Drilling and CME as its long-term well construction partner in Mexico, has completed the acquisition of five jack-up rigs from Fontis Finance, an indirect subsidiary of Bermuda-headquartered Paratus Energy Services.
For a total purchase price of $287 million, BC Ventures has acquired the rig-owning entities of two Friede & Goldman JU-2000E design rigs, named Oberon and Titania FE, and three LeTourneau Super 116-C design rigs, named Courageous, Defender, and Intrepid, all currently located in Mexico.
The JV company has financed the acquisition through a $237 million non-recourse seller’s credit and 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.
The acquisition increases Borr Drilling’s owned and jointly-owned fleet to 34 rigs and expands its presence in Mexico.
“The successful completion of the transaction marks an important milestone for Paratus. We are now a focused pure-play PLSV company with a fully contracted fleet, strong cash flow visibility and a simplified business operating in a resilient and infrastructure-linked segment. We believe this provides a strong foundation for the Company’s next phase. I would like to thank everyone involved for their hard work and commitment throughout this transaction,” said Baton Haxhimehmedi, Interim CEO and CFO of Paratus.
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