Borr Drilling receives three contract commitments
Borr Drilling Limited has announced new contract commitments for three of its premium jack-up rigs, the Arabia I, the Gunnlod and the Norve. These commitments cover a total of 1,779 days and $332 million in contract revenue, including mobilization and demobilization compensation.
The Arabia I has secured a new long-term contract in Brazil of 4 years firm, plus a 4-year unpriced option. This contract is expected to begin in Q1 2025 in cooperation with an experienced local partner for Petrobras.
In Southeast Asia, the Gunnlod has received a binding Letter of Award from an operator in Malaysia. The award covers a firm scope of seven wells, with an anticipated duration of 210 days starting in November 2024.
In Africa, the Norve has secured a 109-day extension with BW Energy in Gabon. This extension will keep the Norve contracted until February 2025, when it begins its next contract with Marathon Oil in Equatorial Guinea.
Borr previously announced the award of 180 days firm plus a 180-day option commitment in Congo for ENI. The Gerd will execute this program starting in October 2024. The rig is currently operating in the UAE and will mobilize to West Africa in September.
