Borr Drilling Scores More Deals for Jack-up Fleet

Borr Drilling Scores More Deals for Jack-up Fleet
Borr Drilling finds work for one of its jack-up drilling rigs, increasing the number of contracted rigs to 15.

Borr Drilling said in a statement on Thursday that it had secured a Letter of Award (LOA) for the premium jack-up drilling rig Mist from an undisclosed operator in Southeast Asia. 

The company added that the drilling program was expected to start in November 2021 with a duration of seven months plus options. The net start-up cash cost for the rig is expected to be $1.75 million. 

According to Borr, this LOA which is expected to be converted into a contract shortly, will increase the company’s contracted fleet to 15 rigs. 

Data provided by the offshore drillers latest fleet status report claims that the previous deal for the Mist rig was with Roc Oil in Malaysia and that it ended in the second quarter of 2021. 

On Tuesday the company also announced its second quarter 2021 report where it said that Borr had been awarded 28 new contracts, extensions, exercised options, and LOA/LOIs as of August 31, 2021. 

This number of deals represents 6,398 days of potential backlog and $542 million in revenues, excluding unexercised optional periods. 

“In our fleet we have an additional ten delivered rigs that can be deployed in an improving market, and a further five rigs still to be delivered by the Keppel FELS shipyard,” Borr CEO Patrick Shorn said in the second quarter report.

When the Mist LOA is formalized, Borr will have nine more rigs that can be deployed for work. As for the most recent deals, apart from the one for the Mist, the offshore driller won contracts for the Frigg and Natt jack-ups in late August. Before the report, those two contracts were not previously announced.  

Data by Bassoe offshore indicates that Frigg will start work in West Africa from the start of 2022 and end in mid-December next year. 

The Natt will start its contract in the fourth quarter of the year and be on hire until mid-October 2022. Borr has not disclosed the clients for either rig. 

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