Three Borr jack-up rigs get more drilling work

Offshore drilling contractor Borr Drilling has secured more work for three premium jack-up rigs, thanks to a new deal and two contract extensions, which increase the company’s firm backlog by approximately 625 days, excluding unexercised optional periods.

Borr Drilling disclosed on Monday, 13 February 2023, the award of a new contract for the Ran jack-up rig with Fieldwood Energy, adding to the rig’s backlog in Mexico. The new deal covers a firm scope of two wells with an estimated duration of 50 days and one optional well with an estimated duration of 75 days.

According to the offshore drilling contractor, the firm work has an estimated contract value of $7.5 million, excluding mobilisation and demobilisation. This contract is expected to start in June 2023, in direct continuation of the rig’s ongoing contract, keeping the rig occupied until 4Q 2023 when it will kick off its subsequent contract with an undisclosed company in Latin America.

Currently, the 2013-built Ran rig is working for Wintershall in Mexico, which is expected to keep the rig committed until 2Q 2023. The Ran jack-up rig is of KFELS Super A design. It was constructed at Keppel KFELS yard in Singapore and can operate in water depths of up to 400 ft. The rig’s maximum drilling depth is 35,000 ft.

Furthermore, Borr Drilling revealed that the Gerd jack-up rig had certain priced and unpriced options exercised by Addax, extending the contract by a total period of ten months. This extension is expected to maintain the rig contracted until the end of January 2024. The extension comes with an estimated contract value of $40 million and no further options are available under this contract.

The 2018-built Gerd jack-up rig has been working for Addax in Cameroon since February 2022. This rig is of PPL Pacific Class 400 design and can accommodate 150 people. Constructed at PPL Shipyard PTE in Singapore, the rig is capable of operating in water depths of up to 400 ft and its maximum drilling depth is 30,000 ft.

Moreover, the rig owner outlined that Eni had exercised three well options for the Natt jack-up rig, extending the contract by an estimated period of 270 days. This extension is expected to keep the rig busy until 1Q 2024 and has an estimated contract value of $22.7 million.

The 2018-built Natt jack-up rig began its assignment in Congo with Eni in January 2022. This jack-up rig is of PPL Pacific Class 400 design and was constructed at PPL Shipyard PTE in Singapore. With a maximum drilling depth of 30,000 ft, the rig can operate in water depths of up to 400 ft and accommodate 150 people.

Regarding Borr Drilling’s recent activities, it is worth noting that the firm reported its updated 2022 and 2023 financial guidance in late January 2023.

The offshore drilling player expects to continue reaping the benefits of higher day rates and fleet utilisation in the foreseeable future.