Borr Drilling has been awarded a new contract and two extensions for its premium jack-up drilling rigs 'Ran', 'Gerd' and 'Natt'. These awards increase the company’s firm backlog by approx. 625 days, excluding unexercised optional periods.
The premium jack-up drilling rig 'Ran' has secured a contract with Fieldwood Energy for work in Mexico. This contract will cover a firm scope of two wells with an estimated duration of 50 days, and one optional well with an estimated duration of 75 days. The firm work has an estimated contract value of $7.5 million, excluding mobilisation and demobilisation. The contract is expected to commence in June 2023, in direct continuation of the rig’s ongoing contact, and is expected to keep the rig contracted until Q4 2023 when it will start its subsequent contract, as previously disclosed by the Company.
The premium jack-up drilling rig 'Gerd' had certain priced and unpriced options exercised by Addax, extending the contract by a total period of ten months. This extension is expected to maintain the rig contracted until the end of January 2024 and has an estimated contract value of $40 million. No further options are available under this contract.
Lastly, the premium jack-up drilling rig 'Natt' had three well options exercised by ENI, extending he contract by an estimated period of 270 days. This extension is expected to maintain the rig contracted until Q1 2024 and has an estimated contract value of $22.7 million.
Source: Borr Drilling
