HAMILTON, Bermuda, Feb. 12,
2024 /PRNewswire/ -- Borr Drilling Limited (the
"Company") (NYSE: BORR) (OSE: BORR) is pleased to announce new
contract commitments totaling 495 days and $82.2 million in contract revenue for three of
its premium jack-up rigs, excluding mobilization and demobilization
compensation.
Firstly, BW Energy has extended the contract for the "Norve" by
approximately two months through July
2024.
The "Mist" has secured a contract extension from a subsidiary of
Valeura Energy in Thailand. The
contract extension covers a firm term of 12 months starting in
direct continuation to the current contract and will maintain the
rig contracted through August
2025.
The "Thor" has received a binding Letter of Award from an
undisclosed customer for work in Southeast Asia. This award will cover a firm
scope of two wells, with an anticipated duration of 70 days, and is
expected to commence in Q3 2024 in direct continuation of its
current commitment.
Following these new contracts, the Company's fleet contract
coverage is 87% for 2024, including firm commitments and priced
options.
Hamilton, Bermuda
12 February 2024
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", "anticipate" and similar expressions and include statements
relating to LOAs, contract duration and value and expected
start and end 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 LOAs 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
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SOURCE Borr Drilling Limited