Borr Drilling awarded new contracts in Middle East, Southeast Asia

Borr Drilling secured two letters of awards for its Gerd and Thor jackups in the Middle East and Southeast Asia, respectively. These awards increase the Company’s firm backlog by approximately 421 days, excluding optional periods.

The contract for Gerd comes from an undisclosed operator. This contract will cover a firm scope of 270 days, with one unpriced optional scope of 60 days. The firm scope has an estimated contract value of $47.7 million, including mobilization and demobilization. The jackup will conclude its current contract with Addax in Q3 2023, following a decision from the operator of that contract 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 contract for the Thor jackup 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.