Borr Company will soon transfer ownership of Perfomex to its local partner. This move is aimed at simplifying Borr's corporate and operational structure in Mexico and allows the local partner to take responsibility for the management and operations of the Galar, Gersemi, and Njord drilling rigs.
Details of Ownership Transfer and Contracts
Borr will retain ownership of the three mentioned drilling rigs and will continue its participation in Pemex contracts through crewless lease agreements. It is expected that the economics of these contracts will not change significantly compared to the current structure. The Njord rig is under contract until April 2028, with the possibility of extension, while Galar and Gersemi will remain under contract until May 2030.
Response to Drilling Demand in Shallow Waters
After this transfer is completed, Perfomex will continue to provide integrated well services related to Pemex operations. Meanwhile, Borr will independently market its drilling rigs to other operators in the region. This restructuring will allow Borr to easily deploy additional rigs based on the demand for drilling in shallow waters.
This transaction is expected to be finalized in September 2026 and is subject to customary conditions. The value of this deal has not been disclosed and will be determined based on the estimated book value of Borr's share in Perfomex as of July 31.
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