Tor Olav Troim’s Borr Drilling has entered into a new $100m financing arrangement for newbuild jackup rig Tivar.
The new financing, maturing in December 2021, will replace the existing $50m bank delivery financing for the rig which is set to be delivered by Keppel FELS in July 2020.
As part of the agreement, the delivery of the jackup rigs Vale and Var are conditional upon full repayment of the facility or can be carried out 180 days after an early repayment of the financing.
Currently the company’s total remaining newbuild capex is $707m, of which $620m is now fully financed, and the new arrangement has reduced the unfunded delivery capex for 2020 by $85m.
Borr Drilling now has a fleet of 29 drilling rigs and it has another eight jackup rigs on its orderbook.