The Oslo and New York-listed offshore driller Borr Drilling has revealed several new deals in the company’s latest fleet status report.
The rig owner previously secured a two-month contract extension from BW Energy for the 2011-built premium rig Norve in Gabon, keeping the unit utilised through July 2024.
The company now revealed that the jackup would remain with BW Energy from August 2024 until October 2024. The driller also stated that an undisclosed client hired the rig from February 2025 to May 2025 for more work in Africa.
The 2018-built jackup Groa was awarded an extension from Qatar Energy. The rig has been working with the Qatari company since April 2022. This latest extension will begin in May 2024 and will keep the rig working for the oil and gas firm until April 2025.
According to the fleet status report, Borr Drilling also has two contracts lined up as letters of award for which the rigs have not yet been decided. The first deal will be in Africa with an unnamed client from October 2024 until April 2025.
The other will start between the fourth quarter of 2024 or the first quarter of 2025 and end in the first quarter of 2026 and the second quarter of 2026 with an undisclosed operator, also in Africa.
In the company’s first-quarter results, the offshore driller revealed that it was awarded 11 new contract commitments in 2024, representing 1,743 days and $318m of potential contract revenue, including five new contract commitments signed after the end of the first quarter of 2024.
The average day rate for the rigs in operation is around $183,000. The company was also able to get its first-ever contract exceeding $200,000 per day in the second quarter.
Borr Drilling finished the first quarter with all 22 of its rigs operating, however, after the end of the first quarter, the contract for the Arabia I rig was suspended by Saudi Aramco. According to the company, current customer discussions will probably see the rig re-contracted before the end of the third quarter.
Borr also expects that its newbuild rig Vali, set to be delivered by the end of 2024, will immediately join the operational fleet.
