Tor Olav Trøim-backed jackup rig owner Borr Drilling has struck a deal with an unrelated third party to sell one of its Singapore-built units for $120m.
The Oslo-listed company is offloading the Pacific Class 400 Gyme. The Panama-flagged rig is currently in Singapore and has not been activated or contracted since its delivery.
Borr Drilling said the sale was part of its most recent refinancing with Sembmarine-owned PPL Shipyard, which was completed in early October.
In a regulatory filing, the company stated that the proceeds from the sale will be applied to all outstanding amounts owed on the rig, with any excess funds applied to the capitalised interest for the eight other rigs financed by PPL.
The transaction is expected to close in the fourth quarter of 2022.
