HAMILTON, Bermuda, July 26,
2024 /PRNewswire/ -- Borr Drilling Limited (NYSE:
BORR) (OSE: BORR) is pleased to announce new contract
commitments for three of its premium jack-up rigs, the "Arabia I",
the "Gunnlod" and the "Norve". These commitments cover a total of
1,779 days and $332 million in
contract revenue, including mobilization and demobilization
compensation.
The "Arabia I" which had its work scope suspended earlier this
year in Saudi Arabia has secured a
new long-term contract in Brazil.
The contract period is 4 years firm plus a 4 years unpriced option.
This contract is expected to commence in Q1 2025 in cooperation
with an experienced local partner for Petrobras.
In Southeast Asia, the
"Gunnlod" has received a binding Letter of Award from an operator
in Malaysia. The award covers a
firm scope of seven wells, with an anticipated duration of 210
days, and is expected to commence in November 2024.
In Africa, the "Norve" has
secured a 109 days extension with BW Energy in Gabon. This extension will keep the "Norve"
contracted until February 2025 when
it will commence its subsequent contract with Marathon Oil in
Equatorial Guinea.
Additionally, the Company previously announced the award of 180
days firm plus 180 days option commitment in Congo for ENI. The "Gerd" will execute this
program that is expected to commence in October 2024. The rig is currently operating in
the UAE and will commence mobilization to West Africa in September immediately following
the completion of its current contract.
Chief Commercial Officer, Bruno
Morand, commented:
"These new awards reinforce Borr Drilling's ability to secure
strategic commitments by leveraging our premium fleet, strong
operational performance, and global footprint. Year to date, the
Company has secured 13 new contracts contributing $644m in contract value, implying an average
equivalent day rate of approximately $185,000.
The new long-term award in Brazil for the "Arabia I" will be a vast
improvement over its previous contract with a day-rate increase of
over 60%. Following these awards, all our delivered rigs are
committed. Based on already secured commitments and ongoing
negotiations, we are confident that the new build Vali will be
contracted and operating shortly after its delivery later this
year."
Hamilton, Bermuda
26 July 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", "expect", "estimate" and similar expressions and include
statements relating to contract awards, letter of awards, 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