Borr Drilling was awarded new contracts for two jackups, the Frigg and the Gunnlod. The new deals will increase the company’s backlog by approximately 2,030 days, excluding optional periods.
The Frigg jackup secured long-term contract from an undisclosed operator for work in the Middle East. This contract has a firm duration of five years plus options and is expected to commence in Q3 2023, following the completion of the rig’s reactivation. The estimated contract value of the firm term, including mobilization fee, is $282 million.
The Gunnlod jackup received a binding Letter of Award from an undisclosed operator for work in Southeast Asia. The program has an estimated duration of 205 days and is expected to commence in June 2023 following the completion of its current firm contracts and a statutory periodic survey. The estimated contract value is $27.5 million.
These awards increase Borr Drilling’s contracted fleet to 21 rigs out of a total of 22 delivered rigs.