Borr Drilling and Saipem have each finalized drilling-business divestments that transfer operational responsibilities to partners while preserving access to active jackup fleets.

Borr exits Mexican joint ventures while retaining jackup ownership

Borr Drilling has agreed to transfer its 51% controlling interests in two Mexican drilling joint ventures to its local partner.

Borr operates one of the world's largest fleets of premium jackup rigs serving shallow-water drilling markets.

Following the transaction, Borr's partner will become the sole owner of the two joint venture (JV) companies, collectively known as Perfomex, and assume responsibility for managing and operating the jackup rigs Galar, Gersemi and Njord, which are currently working for Pemex.

The transaction shifts day-to-day operational responsibility to Borr's local partner while allowing Borr to retain economic exposure to the rigs through bareboat charter arrangements. 

Borr will retain ownership of the three rigs and continue participating in the contracts through bareboat charter agreements. Njord is contracted through April 2028, with options for extensions, while Galar and Gersemi are contracted through May 2030.

Earlier this year, Borr acquired five premium jackup rigs in Mexico through its 50:50 BC Ventures JV with its local partner, expanding its presence in the country's shallow-water drilling market.

Perfomex will continue providing integrated well services to Pemex, while Borr will market and operate its fleet for other regional operators through affiliated companies.

Borr said these developments should support deployment of further rigs from its fleet as demand grows in this shallow-water sector.

Together, the transactions reflect a broader industry trend toward asset-light operating models and regional partnerships that allow contractors to monetize assets while maintaining access to contracted drilling capacity.

Saipem completes Saudi drilling unit sale

Saipem has closed the sale of its full shareholding in Saudi Arabian Saipem, first announced in June, to ADES Holding subsidiary ADES Saudi Ltd. Co.

ADES is among the largest jackup rig operators in the Middle East and has continued expanding its drilling fleet through acquisitions.

The transaction received all required regulatory approvals.

Saudi Arabian Saipem operates three owned jackup rigs (Perro Negro 7, Perro Negro 8 and Perro Negro 10) in addition to two leased jackups.

Saipem and ADES have also entered a bareboat charter agreement that will give Saipem the right to continue using Perro Negro 10 in its current operations in Mexico, ensuring compliance with contractual commitments to its clients.

The sale aligns with Saipem's strategy of focusing on its core engineering and offshore construction businesses while maintaining access to drilling capacity needed for existing customer commitments.