Proyectos CME and Borr Drilling to Acquire Five Jack-Up Rigs for $287M
Proyectos Globales de Energía y Servicios CME and Borr Drilling have formed a 50:50 joint venture to acquire five jack-up rigs from Fontis Finance for $287m. It will be financed with a $237m non-recourse seller’s credit plus $25m cash from each partner and targeted to close in Q3 2026.
1. JV Structure and Acquisition Details
Proyectos Globales de Energía y Servicios CME and Borr Drilling have signed definitive agreements under a 50:50 joint venture to purchase five jack-up rigs from Fontis Finance for a total of $287m. The portfolio comprises two Friede & Goldman JU-2000E design rigs and three LeTourneau Super 116-C design rigs, all currently located in Mexico.
2. Financing Terms
The transaction is backed by a $237m non-recourse seller’s credit maturing 2.5 years post-closing, secured by a first lien on the five rigs and other collateral. Each JV partner will contribute $25m in cash at closing to supplement the seller’s financing.
3. Transaction Timeline and Conditions
The deal is structured as two interdependent agreements covering Fontis’ Mexican operations and its Singapore-based rig-owning entities. Completion is expected in the third quarter of 2026, subject to merger control approvals and customary closing conditions.