Borr Drilling wins two contracts totaling $73.8 million

Borr Drilling Limited has secured two letters of awards (“LOA”) for its premium jack-up drilling rigs Gerd and Thor. These awards increase the company’s firm backlog by approximately 421 days, excluding optional periods.

The premium jack-up drilling rig Gerd has secured a binding LOA from an undisclosed customer for work in the Middle East. This contract will cover a firm scope of 270 days, and one unpriced optional scope of 60 days. The firm scope has an estimated contract value of $47.7 million, including mobilization and demobilization. The Gerd concludes its current contract with Addax in Q3 2023, following the client’s decision not to proceed with certain optional wells previously exercised. The rig will then undergo mobilization, statutory surveys and recertification ahead of its new commitment, which is expected to start in December 2023.

The premium jack-up drilling rig Thor has secured a binding LOA from an undisclosed customer for work in Southeast Asia. This contract will cover a firm scope of two wells with an estimated duration of 151 days and a contract value of $25.1 million, including mobilization and demobilization. This contract is expected to commence in December 2023, in direct continuation of the rig’s ongoing contact.

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