Offshore contractor Borr Drilling has landed three new jobs from unspecified operators for its fleet of jack-up rigs, collectively worth $158.6m.
The Bermuda-registered company announced on 9 April that it would carry out the work in the North Sea and South East Asia, plus an undisclosed location for a third customer. The commitments total 820 days utilising jack-up rigs Prospector 1 and Gunnlod, as well as a rig still to be determined.
“In the North Sea, multiple contracts have been secured totalling 250 days of backlog that commenced in March 2024,” a Borr Drilling statement read.
Prospector 1 was most recently under contract to Neptune Energy in the Netherlands, from February to March 2024, according to Borr’s February fleet status report.
“In Southeast Asia, the company has secured a one-well commitment, with an anticipated duration of 90 days, that will commence in May 2024,” the statement added. Gunnlod is currently under contract, from January to May 2024, to ROC Oil in Malaysia.
Finally, the company stated that a third undisclosed customer has issued a firm and binding Letter of Award for a campaign expected to commence between the fourth quarter (Q4) of 2024 and Q1 2025, with an estimated duration of 480 days.
Borr Drilling maintains a fleet of 22 rigs, including the 400ft vessels Prospector 1, built in 2013, and Gunnlod, built in 2018.
The latest contract gains are a boost following disappointment earlier this month in Saudi Arabia. On 4 April, the company reported a notice of temporary suspension of operations for its Arabia I rig for a period of up to 12 months. The rig was under contract with state oil giant Saudi Aramco. Borr Drilling is now seeking alternative engagement for the rig while on suspension.
Despite the blip in Saudi Arabia, its fleet enjoys a broad geographic spread still under contract. During Q4 2023, it had seven rigs working in Mexico, six in Asia, five in the Middle East, three in West Africa and a single vessel in Europe. Total operating revenues increased during the final quarter, reaching $220.6m, due to all rigs in the fleet being under contract.
