Borr said that under the contract it would deliver a total of 9 offshore development wells to the customer under an integrated services model.

The scope of services includes the deployment of two of the company’s premium new build jack-ups, namely the Grid and Gersemi, both of PPL 400 design.

Both the rigs are designed to meet the requirements of PEMEX, for period estimated to be around 18 months and expected commencement in mid-2019.

Furthermore, under the project, Borr would leverage its strategic collaboration with industry partner and main shareholder, Schlumberger, to provide comprehensive oilfield services and deliver an end-to-end well solution to our customer.

The two companies signed a collaboration agreement in October 2017 to offer integrated, performance-based drilling contracts in the offshore jack-up market by leveraging the Schlumberger global foot print, infrastructure and technical expertise and Borr Drilling’s modern jack-up fleet.

In October last year, Borr decided to start the activation of four additional newbuild jack-ups. The decision was made following Borr’s previously announced success in securing commitments for three of its newbuild units and its North Sea based jack-up “Ran”.

The company earlier said: “Given the improving jack-up market outlook, we are increasingly positive about future contracting opportunities for our modern rigs but emphasize our continued disciplined approach to contracting with focus on opportunities that generate significant positive cash return after activation cost.”

Borr entered into an agreement with Singapore-based Keppel Offshore & Marine (Keppel O&M) in May 2018 to acquire five existing jackup rigs for $745m. The rigs were expected to be delivered from the fourth quarter of 2019 to the fourth quarter of 2020.

In February 2018, Borr announced the acquisition of Paragon Offshore, an international driller with a fleet of 32 drilling units. The acquisition was expected to allow Borr to own 24 premium jack-ups built after 2000, and become the world’s largest premium jack-up rig operator.