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Borr Drilling awarded new contracts and extensions for jack-up drilling rigs

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Borr Drilling Limited announced it has been awarded new contracts and extensions for 5 of its premium jack-up drilling rigs. These awards increase the company’s backlog by approximately 2,530 days, excluding optional periods.

The premium jack-up drilling rig “Gunnlod” has secured a contract with an undisclosed operator in Southeast Asia. This contract is expected to commence in direct continuation of its current contract. The work will cover 11 wells with an anticipated duration of 186 days plus options.

The premium jack-up drilling rig “Mist” had options exercised by PTTEP for a total duration of approximately 3.5 months and it is now expected to remain contracted with the customer until Q4 2022.

The premium jack-up drilling rig “Saga” has secured a contract with an undisclosed operator in Southeast Asia. This contract will commence in direct continuation of its current contract and the work will cover a 1-well program with an anticipated duration of 45 days.

Additionally, the Company has secured long-term contracts in the Middle East with an undisclosed operator for 2 of its premium jack-up drilling rigs. The contracts have a firm duration of 3 years plus options each and are expected to commence in the second half of 2022.

These awards increase the company’s contracted fleet to 20 rigs out of a total of 23 delivered rigs.

Borr Drilling remains in constructive discussions with its lenders in relation to the deferral or refinancing of its debt maturing in 2023 and expects such discussions to be successfully concluded on or before June 30th, 2022.

Information Source: Read More

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