Borr Drilling has secured new contract commitments for three of its premium jack-up rigs, marking significant fleet updates.
In South East Asia, the Thor rig received a binding letter of award from Vietsovpetro in Vietnam for a three-well programme, expected to commence in April 2025. This adjustment extends the rig’s contract through September.
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In West Africa, the Gerd rig secured a one-year firm programme with Foxtrot in the Ivory Coast, set to begin in the fourth quarter (Q4) this year.
Additionally, the Norve rig received a letter of award from an undisclosed operator for an 11-month campaign, pending a final investment decision (FID) in Q2 of this year, with operations starting in the second half of 2026.
In Mexico, Borr Drilling received a re-mobilisation request for the Galar, Grid and Gersemi rigs, with mobilisation expected in mid-April 2025.
These rigs will resume operations on Pemex assets under existing contractual terms, with the Galar deployed in the Bacab-Lum field under a private investment structure.
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By GlobalDataThe rigs Arabia I and Vali have also commenced earning day rate revenues under long-term contracts with Petrobras in Brazil and Mellitah Oil and Gas in Libya, respectively.
This will result in approximately $48m in lump-sum mobilisation revenues for Borr Drilling.
Considering these recent changes, six of the company’s rigs, which were not in use during some or all of Q1 2025, are now scheduled to start working again.
This is expected to lead to a notable increase in usage, income and earnings before interest, taxes, depreciation and amortisation (EBITDA) from Q2 2025 onwards.
Borr Drilling received its new jack-up rig, Var, from Seatrium, in November last year, nearly one year ahead of schedule.
This is the final rig in a series of five B-Class jack-up rigs delivered to Borr Drilling, with three rigs previously novated to ADNOC Drilling in 2022 and 2023.
In April last year, Borr Drilling secured three new contracts worth $158.6m for its jack-up rigs, including Prospector 1 and Gunnlod, for operations in the North Sea, South East Asia and an undisclosed location.
These commitments total 820 days of utilisation.
