Borr Drilling Sells Rig to Unnamed Buyer



Borr Drilling Sells Rig to Unnamed Buyer
Borr Drilling Limited (NYSE: BORR, OSE: BDRILL) has entered into an agreement to sell its cold stacked jack-up drilling rig 'Atla' to an independent operator.

Borr Drilling Limited (NYSE: BORR, OSE: BDRILL) has revealed that it has entered into an agreement to sell its cold stacked jack-up drilling rig ‘Atla’ to an independent operator.

The completion of the sale is expected in the fourth quarter of this year. Together with the previously announced sale of the standard jack-up drilling rig ‘Eir’, which was completed earlier this month, the company outlined that it will record total cash proceeds of $13 million for the sale.

“With the sale of these jack-ups, Borr Drilling continues to deliver on its fleet strategy of divesting inactive, cold stacked units and focus on the modern and highly efficient core fleet of premium jack-up rigs,” Borr Drilling said in a statement posted on its website.

“Following these rig sales, Borr Drilling will have 28 modern assets built after 2011, and one remaining older cold stacked rig which is likely to be sold within the fourth quarter,” the company added in the statement.

Back in April this year, Borr Drilling said a wholly owned subsidiary of the company had sold two standard jack-up drilling rigs – ‘Dhabi II’ and the ‘Paragon B152’ - for total cash proceeds of $15.8 million, including an associated backlog effective from April 1. 

Borr Drilling describes itself as an international drilling contractor which owns and operates jack-up rigs providing drilling services to the oil and gas exploration and production industry worldwide in water depths up to approximately 400 feet.

Last month, the company announced that it had received written notice from the New York Stock Exchange (NYSE) that the company was not in compliance with the NYSE continued listing standard with respect to the minimum average share price required. Borr Drilling said it had responded to the NYSE to confirm its intent to cure this non-compliance. During this period, the company’s common shares will continue to be traded on NYSE subject to the company’s compliance with other applicable NYSE listing requirements.

To contact the author, email andreas.exarheas@rigzone.com



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