Borr Drilling clinches $35.1m worth of new contracts

Norwegian offshore driller Borr Drilling has been awarded new contracts and LOIs worth a total value of $35.1m according to its latest fleet status report.

The company’s jackup rig Norve, which is currently warm stacked, has been awarded a contact for two wells plus one option by BW Energy. The contract is expected to commence operations in Gabon during April 2021.

The 2013-built jackup rig Idun has been awarded an letter of intent to commence operations in the first quarter of 2021. The contract is for a period of up to 12 months.

Additionally, the 2013-built jackup rig Prospector 1 received a contract amendment from the existing customer, One Dyas, for three optional wells of which one has already been exercised. The rig has received an LOI for four wells plus options for operations in the North Sea, which has an estimated period of seven months.

The latest awards will bring the total number of the company’s committed and contracted rigs up to 13.

According to Borr Drilling, it has four additional warm stacked rigs that can be brought into operation without significant activation capex and it is negotiating terms with Pemex for an extension to the current contract covering five rigs contracted under the integrated well services business model, with an aim to secure incremental work throughout 2021 in Mexico.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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