Borr Drilling announces new contract commitments and fleet update
Borr Drilling announced new contract commitments for three of its premium jack-up rigs and additional fleet updates.
In Southeast Asia, the Thor has received a binding Letter of Award from Vietsovpetro in Vietnam. The award covers a firm scope of three wells, with an anticipated duration of 75 days, and is expected to commence in April 2025. Consequently, the rig’s previously announced program, originally set to begin in May will now commence in July, in direct continuation of this Vietsovpetro program. With these adjustments, the rig is now expected to remain under contract through September 2025.
As Drilling Contractor reported yesterday, the Gerd has secured a binding Letter of Award from Foxtrot in Ivory Coast for a one-year firm program, scheduled to begin in late Q4 2025.
Additionally, in West Africa, the Norve has received a Letter of Award from an undisclosed operator for a campaign with an expected duration of 11 months, set to commence in the second half of 2026. The final contract remains subject to the customer’s Final Investment Decision (FID), anticipated in Q2 2025.
In Mexico, Borr received a re-mobilization request from our customer for the rigs Galar, Grid and Gersemi, with mobilization to their next operating locations expected in mid-April 2025. Operations on these units are anticipated to resume shortly thereafter, within the second quarter of 2025. These three rigs were previously suspended as reported on January 15, 2025 and will continue operations on Pemex assets under the same contractual terms.
Notably, the Galar will be deployed in the Bacab-Lum field, which will be developed by an affiliate of our customer under a private investment structure.
Additionally, the rigs Arabia I and the newbuild Vali have started earning day rate revenues under their long-term contracts with Petrobras in Brazil and Mellitah Oil and Gas in Libya, respectively. In connection with the commencement of these contracts, the company will invoice approximately $48 million in lump-sum mobilization revenues.
