Borr Drilling secures work for five jack-up rigs

Offshore rig owner Borr Drilling has been awarded new contracts and extensions for five of its jack-up drilling rigs. These awards increase the company’s backlog by approximately 2,530 days, excluding optional periods.

According to Borr Drilling’s update on Monday, the jack-up drilling rig Gunnlod has secured a contract with an undisclosed operator in Southeast Asia. This contract is expected to start in direct continuation of its current one. The work will cover 11 wells with an anticipated duration of 186 days plus options.

Borr’s fleet status report from February 2022 shows that the Gunnlod rig has been under contract with IPC in Malaysia from December 2021 until March 2022.

The rig owner also revealed that the jack-up Mist had options exercised by PTTEP for a total duration of approximately 3.5 months and it is now expected to remain contracted with the Thai company until 4Q 2022. The rig started working for PTTEP in November 2021.

Furthermore, the premium jack-up drilling rig Saga has secured a contract with an undisclosed operator in Southeast Asia. This contract will begin in direct continuation of its current contract and the work will cover a one-well program with an anticipated duration of 45 days. The rig’s current contract, with Hess in Malaysia, started in September 2021 and is scheduled to end in August 2022.

Additionally, the company has secured long-term contracts in the Middle East with an undisclosed operator for two of its premium jack-up drilling rigs. The contracts have a firm duration of three years plus options each and are expected to start in the second half of 2022.

These awards increase the company’s contracted fleet to 20 rigs out of a total of 23 delivered rigs.

Borr Drilling also stated it remains in constructive discussions with its lenders in relation to the deferral or refinancing of its debt maturing in 2023 and expects such discussions to be successfully concluded on or before 30 June 2022.