HAMILTON, Bermuda, Oct. 4, 2023
/PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE and
OSE: "BORR") has today published an investor presentation enclosed
to this release and on its website www.borrdrilling.com, in
addition to providing the following contracting updates.
In September 2023, the premium
jack-up rig "Idun" received a Letter of Intent (LOI) for a 24
months' program in Southeast Asia
starting in January 2024. We expect this LOI to be converted
into a firm contract in October 2023.
The contract value for this award is expected to be around
$124 million.
In August 2023, the premium
jack-up rig "Arabia III" successfully commenced its 5 year firm
contract with Aramco. The contract started ahead of schedule,
continuing the track record of the "Arabia I" and "Arabia II" which
started their respective 3 year contracts with Aramco in Q4
2022.
Also in August 2023, our premium
jack-up rig "Hild" completed its transit to Mexico and is undergoing final preparations
ahead of its maiden contract with Fieldwood. Currently our premium
jack-up rig "Ran" is on contract with the same customer. "Hild" is
expected to commence its contract in mid-October. Concurrently,
"Ran" will be mobilized to its subsequent contract with Total in
Mexico, expected to commence in
the second half of October 2023.
In September 2023, our premium
jack-up rig "Gerd" completed its transit from Africa to the UAE and is currently undergoing
preparations ahead of its upcoming contract with Bunduq. Following
discussions with the customer, we now anticipate that "Gerd" will
commence its contract in mid-November, ahead of the previously
announced schedule.
Hamilton, Bermuda
4 October 2023
Forward looking statements
This press release includes forward looking statements, which do
not reflect historical facts and may be identified by words such as
"will", "estimate" and similar expressions and include statements
relating to LOIs, contract duration and value and expected
start dates, 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 contracting, including our ability to convert LOIs into
contracts, the final terms and start dates of such contracts,
actual performance under drilling contracts, the risk that backlog
may not be realized, 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:
Questions should be directed to: Magnus
Vaaler, CFO, +44 1224 289208
The following files are available for download:
https://mb.cision.com/Public/16983/3847835/8af30c13c9f50daa.pdf
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SOURCE Borr Drilling Limited