Watson Farley & Williams (“WFW”) advised Borr Drilling Limited (“Borr”) on its US$360m acquisition of five premium jack-up rigs from Noble Corporation Plc (“Noble”), comprising three Friede & Goldman JU-3000N design rigs and two Gusto MSC CJ50 design rigs. The acquisition is expected to close in Q1 2026, subject to customary closing conditions, including completion of senior secured notes financing.
The rigs, which have complementary specifications and geographic footprint to the Borr’s existing fleet, enable it to leverage its best-in-class platform to maximise their value whilst offering its customers a larger and versatile fleet.
Upon completion of the acquisition, Borr’s fleet size will increase from 24 to 29 rigs. Two of the rigs will be chartered back to Noble on a bareboat basis for a period of 12 months, allowing it to complete their current drilling contracts. The rigs are expected to generate total earnings of US$29m before debt service.
Bermuda-based Borr is a leading international jackup drilling contractor with a strong operational track record, providing quality, safe and efficient services. Founded in 1921, Houston-based Noble operates one of the youngest and most advanced fleets in the offshore drilling industry with a combined track record of industry-leading utilisation.
The multi-disciplinary WFW London team that advised Borr was led by Corporate Partner Daniel Saunders, supported by Counsel Sarah Blaney and Associate Dominic Mbanu. They provided extensive corporate and commercial expertise, including advising on, negotiating and drafting the sale documents and bareboat charter arrangements. Employment law advice was provided by Partner Anna Robinson and Associates Charlotte Herrington and Joe Babos. Partner Solange Leandro and Associate Edita Katuscakova advised on the merger-control and competition aspects of the transaction.
Daniel commented: “We are delighted to have advised Borr on this market leading transaction. The deal teams on both sides of the deal worked seamlessly and efficiently to reach a mutually beneficial outcome. WFW takes pride in helping Borr expand their fleet and succeed with their strategic goals”.
