Borr Drilling secures more work for jackup in Thailand

Oslo-listed jackup rig owner Borr Drilling has secured a letter of award (LOA) from UAE-based Mubadala Petroleum for the 2013-built drilling rig Mist.

The jackup has been booked for work in Thailand and is expected to commence in January 2023 and last for 210 days. Borr said the value of the contract is around $25.2m.

Mist is currently on a contract with PTTEP off Thailand, with drilling activities expected to run into the fourth quarter of this year. 

In related news, the Norwegian firm earlier this week reached an agreement in principle with most secured creditors on the extension of the largest part of the secured debt until 2025. Once in place, Borr will have long-term financing of $1.4bn, and will also have maintained $260m long-term financing of two newbuild rigs.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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