Bermuda-headquartered Paratus Energy Services has recently announced significant developments regarding its drilling operations and jack-up fleet. The company has received the green light for the divestment of assets belonging to Fontis Finance, an indirect subsidiary. This divestment involves transferring assets to Proyectos Globales de Energía y Servicios CME (CME) and BC Ventures—a joint venture formed between subsidiaries of Bermuda-based Borr Drilling and CME, which will serve as its long-term well construction partner in Mexico.
In March 2026, Paratus Energy Services disclosed its divestment strategy involving its jack-up business through two inter-conditional transactions. Proyectos Globales de Energía y Servicios CME is set to acquire the Fontis Mexican operations for a cash consideration, while CME and Borr will jointly acquire Fontis’ Singaporean rig-owning entities. This latter acquisition will be through a combination of cash and seller’s credit, revealing a significant investment strategy aimed at enhancing offshore operations.
“Paratus is pleased to announce that it has received clearance from the board of commissioners of the Mexican Competition Authority to proceed with the completion of the transaction,” highlighted the Bermuda-based firm. This regulatory approval clears a path for Paratus to finalize the divestment, which is currently pending other customary closing processes.
The anticipated closing of this divestment is targeted for Q3 2026. Paratus has effectively managed Fontis’ separation from its former parent company, Seadrill, overseeing the organizational build-up, full repayment of external financial debt, and significant dedication to collecting outstanding receivables. This structured approach has positioned the assets for success within a larger industry context.
Paratus firmly believes that these drilling assets stand to benefit from being integrated into a more extensive jack-up industry platform. By merging operations with more capable partners, they aim to enhance competitive efficiency in the market. The acquisition includes two Friede & Goldman JU-2000E design rigs and three LeTourneau Super 116-C design rigs. All five rigs are currently operational in Mexico, representing a substantial addition to the operational capacity in the region.
When the deal was originally announced, it outlined plans for financing through a $237 million non-recourse seller’s credit, alongside a cash contribution of $25 million from the offshore drilling entity and its local partner at the time of closing. Such strategic financing ensures that the transaction remains sustainable, allowing both Paratus and its partners to leverage financial resources effectively to enhance future operational capabilities.
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