Borr Drilling has announced new contract commitments totaling 495 days and $82.2 million in contract revenue for three of its premium jack-up rigs, excluding mobilization and demobilization compensation.
Firstly, BW Energy has extended the contract for the 'Norve' by approximately two months through July 2024.
The 'Mist' 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.
The 'Thor' 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, the Company’s fleet contract coverage is 87% for 2024, including firm commitments and priced options.
Source: Borr Drilling