Borr Drilling increases backlog with new drilling rig contracts and extensions

(WO) — Borr Drilling Limited has been awarded a new contract and two extensions for its premium jack-up drilling rigs “Ran,” “Gerd” and “Natt.” These awards increase the company’s firm backlog by approximately 625 days, excluding unexercised optional periods.

“Ran” jack-up drilling rig secures contract in Mexico

The premium jack-up drilling rig “Ran” has secured a contract with Fieldwood Energy for work in Mexico. This contract will cover a firm scope of two wells with an estimated duration of 50 days, and one optional well with an estimated duration of 75 days.

The firm work has an estimated contract value of $7.5 million, excluding mobilization and demobilization. The contract is expected to commence in June 2023, in direct continuation of the rig’s ongoing contract, and is expected to keep the rig contracted until Q4 2023. Afterwards, it will start its subsequent contract, as previously disclosed by Borr Drilling.

Addax extends “Gerd” jack-up drilling rig by 10 months

The premium jack-up drilling rig “Gerd” had certain priced and unpriced options exercised by Addax, extending the contract by a total period of ten months. This extension is expected to maintain the rig contracted until the end of January 2024 and has an estimated contract value of $40 million. No further options are available under this contract.

ENI exercises three-well option for “Natt” jack-up drilling rig

Lastly, the premium jack-up drilling rig “Natt” had three well options exercised by ENI, extending he contract by an estimated period of 270 days. This extension is expected to maintain the rig contracted until Q1 2024 and has an estimated contract value of $22.7 million.