Borr Drilling signs four jackup rig contracts in Middle East, SE Asia, Mexico
Borr Drilling signed new contract commitments for four of its premium jackup rigs, bringing the total number of contracted rigs to 23 out of its fleet of 24. The new awards have a combined duration of approximately 1,300 days, including fixed priced options, and an estimated contract revenue of more than $129 million.
In the Middle East, the Arabia II, which is currently warm stacked, has secured a binding Letter of Award from an undisclosed customer. The contract will commence in September 2025 and is anticipated to have a firm duration of 500 days, plus a 200-day unpriced option. This contract includes an additional performance-based incentive that rewards superior performance which this modern and technically capable rig can deliver.
In Southeast Asia, the Thor will undertake a well-based program with an estimated duration of 240 days starting in October 2025, while the Gunnlod is set to commence a 100-day program in September 2025, following the completion of its current contract. Both agreements include one fixed priced optional well, each estimated at 80 days.
In Mexico, the rig Odin received a notice of a 30-day temporary suspension from PEMEX effective early June. Following this, alternative deployment options have been explored, and Borr secured a Letter of Intent from an independent oil company in Mexico for a 60-day accommodation program expected to commence in July. The agreement includes priced options for drilling works that could keep the rig contracted through Q2 2026.
