Watson Farley & Williams Advises Borr on US$360m Acquisition of Five Premium Jack-up Rigs from Noble

Watson Farley & Williams advised Borr Drilling Limited in connection with its acquisition of five premium jack-up rigs from Noble Corporation Plc. The transaction comprises a US$360 million purchase of five jack-up rigs — three Friede & Goldman JU-3000N design units and two Gusto MSC CJ50 design units — and is expected to close in Q1 2026 subject to customary closing conditions, including completion of senior secured notes financing. The rigs, which offer complementary specifications and geographic coverage to Borr’s existing fleet, are intended to enable Borr to leverage its platform to maximise their value and to offer customers a larger and more versatile fleet. Upon completion of the acquisition Borr’s fleet will increase from 24 to 29 rigs. Two of the acquired rigs will be chartered back to Noble on a bareboat basis for 12 months to allow Noble to complete existing drilling contracts. The rigs are expected to generate total earnings of US$29 million before debt service. Bermuda-based Borr is a leading international jack-up drilling contractor with a strong operational track record, providing quality, safe and efficient services. Houston-based Noble, founded in 1921, operates one of the youngest and most advanced fleets in the offshore drilling industry. Watson Farley & Williams represented client(s) Borr Drilling Limited with a team composed by: Daniel Saunders, Corporate Partner (Corporate); Sarah Blaney, Counsel (Corporate); Dominic Mbanu, Associate (Corporate); Anna Robinson, Partner (Employment); Charlotte Herrington, Associate (Employment); Joe Babos, Associate (Employment); Solange Leandro, Partner (Competition / Merger Control); Edita Katuscakova, Associate (Competition / Merger Control).

Watson Farley & Williams Advises Borr on US$360m Acquisition of Five Premium Jack-up Rigs from Noble

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