HAMILTON, Bermuda, Dec. 30,
2022 /PRNewswire/ -- Borr Drilling Limited (the
"Company") (NYSE: BORR) (OSE: BORR) is pleased to announce it has
been awarded new contracts for two of its premium jack-up drilling
rigs. These awards increase the Company's backlog by approximately
2,030 days, excluding optional periods.
The premium jack-up drilling rig "Frigg" has secured long-term
contract from an undisclosed customer for work in the Middle East. This contract has a firm duration
of 5 years plus options and is expected to commence in the third
quarter of 2023 following the completion of the rig's reactivation.
The estimated contract value of the firm term, including
mobilization fee, is $282
million.
The premium jack-up drilling rig "Gunnlod" has received a
binding Letter of Award ("LOA") from an undisclosed customer 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 the Company's contracted fleet to 21 rigs
out of a total of 22 delivered rigs.
Please refer to the latest Fleet Status Report, enclosed to this
release, for further updates on fleet developments, contracts, and
extensions.
Hamilton, Bermuda
30 December 2022
Forward looking statements
This press release includes forward looking statements, which do
not reflect historical facts and may be identified by words such as
"expect", "will" and similar expressions and include statements
relating to rig contracting and extensions and exercises of options
including the duration of such contracts and backlog, and other
non-historical statements. Such forward -looking statements are
subject to risks, uncertainties, contingencies and other factors
could cause actual events to differ materially from the
expectations expressed or implied by the forward-looking statements
included herein, including risks related to actual performance
under drilling contracts, the risk that backlog may not be
realized, the number of rigs that will be in operation and rates
that are achieved, and other risks and uncertainties described in
the section entitled "Risk Factors" in our most recent annual
report on Form 20-F and other filings with the Securities and
Exchange Commission. Such risks, uncertainties, contingencies and
other factors could cause actual events to differ materially from
the expectations expressed or implied by the forward -looking
statements included herein. These forward-looking statements are
made only as of the date of this release. We do not undertake to
update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise.
CONTACT
Magnus Vaaler
+44 1224 289208
mvaaler@borrdrilling.com
The following files are available for download:
https://mb.cision.com/Public/16983/3691152/a10e4b221e2637ea.pdf
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Borr Drilling - Fleet
Status Report December 2022
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SOURCE Borr Drilling Limited