Bermuda-headquartered Paratus Energy Services has received authorization to divest the drilling operations and lift fleet of Fontis Finance, an indirect subsidiary, which is divesting its assets to Proyectos Globales de Energía y Servicios CME (CME) and BC Ventures, a 50/50 joint venture between subsidiaries of Bermuda-based Borr Drilling and CME as a long-term partner to build wells in Mexico.
Paratos Energy Services Sales statement From its business filed in March 2026 through two conditional deals, Proyectos Globales de Energía y Servicios CME will acquire Fontis’ Mexican operations in exchange for cash, while CME and Borr, through a jointly owned acquisition vehicle, will acquire Fontis’ platform-owning Singaporean entities in exchange for a combination of cash and vendor credit.
“Paratos is pleased to announce that it has received authorization from the Board of Commissioners of the Mexican Competition Authority to proceed with the completion of the transaction.” The Bermuda-based company confirmed.
The divestment, which remains subject to remaining customary conditions and closings, is expected to close during the third quarter of 2026. Paratos oversaw the separation of Fontis from Seadrill, the organizational build-out, the full repayment of external financial debt, and significant progress in the collection of outstanding receivables.
As a result, the company is convinced that these assets will benefit from being part of a larger industry platform to compete more effectively. This acquisition enables the Borr Drilling joint venture to acquire rig-owning entities that own two Friede & Goldman JU-2000E design rigs and three LeTourneau Super 116-C design rigs.
All five platforms are currently located in Mexico. When the purchase was first announced, the deal was expected to be financed through a $237 million non-recourse seller credit, plus a $25 million cash contribution from the offshore drilling company and its local partner at closing.
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