Borr Drilling speculatively activates four jackup rigs

Tor Olav Troim’s Borr Drilling has made the decision to activate four newbuild jackup rigs, despite not having secured employment for them.

The company says that the decision was made after it recently secured contracts for three newbuild jackups and North Sea-based jackup Ran. Borr says there has been a strong increase in direct customer requests and tender activity, and it sees several interesting opportunities for employment at attractive rates.

“Given the improving jack-up market outlook, we are increasingly positive about future contracting opportunities for our modern rigs but emphasize our continued disciplined approach to contracting with focus on opportunities that generate significant positive cash return after activation cost,” the company said.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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