Borr Drilling seals $715m deal in Mexico

Tor Olav Trøim’s Borr Drilling has through its Mexican joint venture Perfomex landed a $715m deal for five jackup rigs with Pemex’s integrated well service providers Opex Perforadora and Perforadora Profesional Akal I.

The contracts will see the Oslo-listed company’s rigs Galar, Gersemi, Grid, Njord and Odin employed for three years, until December 31, 2025. As part of the deal, the jackup owner has received an upfront cash payment of $33m.

Borr Drilling provides the five rigs on a bareboat basis to the joint ventures with bareboat earnings equivalent to residual cash from the dayrate earning less payments of operating expenses and other fees to the joint ventures.

The jackups have been operating offshore Mexico with Pemex since 2019 with options to extend.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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