Borr Drilling has signed definitive agreements to sell its 51% interest in the Mexican joint ventures comprising Perfomex to its long-standing local partner. Once the transaction closes, the partner will become Perfomex's sole owner and assume management and operations of the Galar, Gersemi and Njord jack-up rigs working with PEMEX, while Borr retains ownership of the rigs and participates in their contracts through bareboat charter agreements. Njord is contracted through April 2028 with extension options, and Galar and Gersemi are contracted through May 2030. The transaction follows Borr's acquisition of five premium jack-up rigs through BC Ventures Limited, its 50/50 joint venture with the local partner. The sale consideration is based on the estimated net book value of Borr's Perfomex interest as of July 31, 2026, and closing is expected in September 2026 subject to customary conditions. Borr said the restructuring should simplify its Mexican platform, strengthen the partnership and support future rig deployment, while noting that these benefits and other transaction outcomes remain subject to execution and market risks.