Bermuda-registered Borr Drilling has received $158.6 million of rig contract commitments from unspecified operators.
The deals cover three of the company’s jack-up rigs – the Prospector 1, a 400-foot vessel launched in 2013; the Gunnlod, which was launched in 2018 and also measures 400 feet, along with an undetermined third rig.
The commitments total 820 days and the value of the contracts include mobilisation and demobilisation compensation.
Of Borr Drilling’s three deals, the first covers multiple contracts in the North Sea, totalling 250 days of backlog that commenced in March 2024.
Prospector 1 received a short-term contract extension for its work in the North Sea in 2023, but the group’s chief executive Patrick Schorn warned that the North Sea is currently “experiencing lower day-rate levels than the rest of the world”.
He said that the vessel would likely seek “favourable long-term commitments” elsewhere.
The second deal covers a one-well commitment in Southeast Asia, with an anticipated duration of 90 days, that will commence in May 2024.
Valeura Energy previously signed up Borr Drilling’s The Mist jack up for a 12-month job off southern Thailand.
Finally, an undisclosed customer has issued a firm and binding Letter of Award for a campaign expected to commence between the fourth quarter of 2024 and the first quarter of 2025, with an estimated duration of 480 days.
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