Borr Drilling will reorganize its operations in Mexico by selling its 51 % stake in Perfomex to its local partner. The company will retain ownership of the Galar, Gersemi, and Njord jack-up platforms, currently under contract with Petróleos Mexicanos (Pemex). Following the closing of the transaction, the local partner will take control of Perfomex and assume management and operation of the three platforms currently servicing Pemex. Perfomex will remain financially tied to the contracts through bareboat charter agreements. Under this arrangement, the company anticipates that the financial conditions will remain virtually unchanged compared to the current structure.
Borr Drilling holds Galar, Gersemi and Njord for Pemex
The three self-elevating platforms represent the central component of the operation, Borr Drilling Njord will retain ownership even though operational responsibility will be transferred to its Mexican partner, currently, Njord’s contract runs until April 2028 and includes options for potential extensions, while Galar and Gersemi have contracts in place until May 2030.
In this way, the sale of 51 % of Perfomex separates ownership of the assets from its direct operation, Borr Drilling retains the offshore drilling equipment and maintains its stake in the contracts while reducing its presence in the day-to-day management of the joint venture, furthermore, the bareboat charter model will allow the platforms to remain under the ownership of the company while its local partner assumes the responsibilities associated with their operation.
Borr Drilling reorganizes its presence in Mexico
The divestment comes after the company expanded its presence in the Mexican shallow-water drilling market. The company recently acquired five premium jack-up rigs through BC Ventures Limited, a 50/50 joint venture with its local partner, this move increased the company’s exposure to the Mexican offshore market ahead of Perfomex’s reorganization.
Once the sale is completed, Perfomex will continue to develop activities related to integrated well services for Pemex. the company, in turn, will independently operate and market its available fleet to other operators in the region through its affiliated companies, this structure will also allow for a clear distinction between activities directly related to Perfomex and the regional marketing of the company’s platforms.
The sale of Perfomex simplifies the operating structure
The transaction aims to simplify Borr Drilling’s corporate and operational structure in Mexico, the company believes the new model can facilitate its growth in the country and support the deployment of additional equipment as demand for shallow-water drilling evolves. Furthermore, the agreements include a transition period after closing, during which operational responsibilities will be transferred to the local partner.
The consideration for the transaction is based on the estimated net book value of Borr Drilling’s stake in Perfomex as of July 31, 2026. The closing is expected in September 2026 and remains subject to customary closing conditions for this type of corporate transaction.
Source: dataPORTUARIA
Photo: Shutterstock
