Borr Drilling Ltd

Borr Corporation operates in the offshore drilling industry, providing drilling and technical services globally. The company's current geographical focus includes the Americas, Southeast Asia, West Africa, the Middle East and North Africa, and Europe. In Mexico, Borr Corporation holds a 51% equity ownership interest in two joint ventures, Perfomex and Perfomex II, with Proyectos Globales de Energia y Servicos CME, S.A. DE C.V. ("CME") owning the remaining 49%. The company has historically provided services in Mexico through Drilling and Technical Services Agreements ("DTSAs") and Drilling, Operation and Management Agreements ("DO&MAs"), both through its joint ventures and wholly owned rig operations company. Additionally, Borr Corporation has provided jack-up rigs to its joint ventures and third-party companies via Bareboat Charters ("BBCs"). Effective during 2024, Perfomex and Opex Perforadora S.A. de C.V. ("Opex") terminated DTSAs for five of Borr's jack-up rigs, resulting in a $35.0 million termination fee payable to Perfomex, or $7.0 million per rig. The associated BBCs between Perfomex and Borr Corporation were also terminated, and a new operating structure was implemented where Borr Corporation contracts directly with third-party companies. As of December 31, 2025, Perfomex has active DO&MAs for one Borr rig and two third-party owned rigs, and provides onshore support services for Borr's Mexican operations. Additionally, as of December 31, 2025, a subsidiary of Borr Corporation has active DO&MAs with a third-party for two Borr rigs.