Borr Drilling secures series of new contracts

Norwegian jackup rig owner Borr Drilling has been awarded a series of new contracts and letters of intent, according to its latest fleet status report.

The company’s 2013-built rig Idun has signed a new contract with Vestigo for operations in Malaysia. The contract period is from March 2021 to January 2022. Additionally, 2018-built Skald has secured a letter of award from PTTEP for deployment in Thailand from June 2021 to June 2024.

In Europe, 2013-built Prospector 1 has been awarded a letter of intent by an undisclosed client for operations in the North Sea in the second quarter.

Mexico’s Pemex has also signed letters of intent for Grid, Gersemi and Galar. The contracts for Grid and Gersemi are expected to start from March to December, while the contract for Galar is scheduled to commence in October until December.

Borr Drilling said that Mexico is a key market for the company after its liquidity improvement plan received support from its creditors in January.

“Even though we received broad support for the liquidity improvement plan, concluded in January, we are convinced that some opportunities remain to further improve our capital structure and liquidity in 2021. Part of the future liquidity improvement also will have to come from our Mexico operations,” said Patrick Schorn, CEO of Borr Drilling.

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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