05:11 AM EDT, 03/24/2026 (MT Newswires) -- Borr Drilling ( BORR ) said Monday it has agreed to acquire five jack-up rigs from Fontis Finance for $287 million, with closing expected during Q3, pending regulatory approval.

The transaction will be funded by a $237 million seller's credit alongside a $25 million cash contribution from each participating member, the company said.

The purchase will be made through a newly formed equal partnership between the offshore contractor's units and its well-construction partner in Mexico, Borr said.

The company also said the joint venture will take ownership of the entities controlling the five drilling platforms currently located in the region.