Borr Drilling buys cut-price jackup rig

Tor Olav Troim’s Borr Drilling has signed a deal to acquire newbuild jackup rig Hull No. B378 from Japan’s BOT Lease Co. for $122m

The rig was originally named Hakuryu-15 and was ordered by BOT Lease Co. for Japan Drilling Company at a price of $240m.

Borr Drilling described the acquisition as an opportunistic deal, and is not part of plans to significantly increase its fleet of jackup rigs.

“With a largely homogenous fleet of 30 premium jack-up drilling rigs, the Company has established a foundation which provides strong cost and operating benefits compared to our competitors. Borr’s focus on premium jack-up drilling rigs has made it possible to achieve the strong growth witnessed from 2018, keeping technical utilisation above 99% and keeping an industry leading safety standard,” the company said in a statement.

The acquisition has been financed via a new secured financing facility arranged by two Nordic banks.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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