Borr Drilling wins offshore contracts for three jack-up rigs for $82 million

February 12, 2024

(WO) – Borr Drilling Limited announced new contract commitments totaling 495 days and $82.2 million in contract revenue for three of its premium jack-up rigs.

The Norve jack-up rig (Source: Borr Drilling)

Firstly, BW Energy has extended the contract for the Norve jack-up rig by approximately two months through July 2024.

The Mist jack-up rig 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.

Finally, the Thor jack-up rig 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, Borr’s fleet contract coverage is 87% for 2024, including firm commitments and priced options.

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