Offshore Energy · March 24, 2026 (22h ago) · 1 min read

As Paratus closes its jack-up shop, Borr Drilling’s Mexican JV welcoming five rigs

Analysis

OilCyprus Editorial

Paratus Energy Services is selling its jack-up drilling operations and fleet to a joint venture between CME and Borr Drilling, specifically BC Ventures. This move signifies a shift in ownership and potentially operational strategy within the jack-up drilling market, particularly in Mexico.

Key Facts

Paratus Energy Services is selling its jack-up drilling operations.
The buyer is BC Ventures, a 50/50 joint venture between CME and Borr Drilling subsidiaries.
Five rigs are being welcomed into Borr Drilling's Mexican JV.

Market Impact

The sale suggests a consolidation within the jack-up drilling market, with Borr Drilling expanding its presence in Mexico. This could lead to increased competition and potentially lower day rates in the region, impacting other drilling contractors. The exit of Paratus from this segment may indicate a strategic shift or financial restructuring.

Why This Matters for Cyprus

This transaction signals a change in the competitive landscape for jack-up drilling in Mexico, potentially affecting market dynamics and investment strategies for companies operating in the region.

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