Borr Drilling Limited announced Monday that it has signed a deal with Transocean for the acquisition of 15 high-specification jack-up rigs.

The transaction consists of Transocean’s entire jack-up fleet, comprising 10 rigs in Transocean’s fleet and five new-builds under construction at Keppel Fels Limited. Total consideration for the transaction is expected to be approximately $1.35 billion.

A deposit has already been paid from Borr to Transocean as part of the deal. Borr revealed that it has secured financing for the transaction through a private placement of equity securities.

The transaction is subject to the parties executing definitive agreements and satisfying formal closing conditions, including a final approval from the boards of directors of both companies. The completion of the transaction is expected to take place before the end of May.

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