Borr Drilling, a leading international drilling pure-play jack-up operator that owns and operates a fleet of 24 modern jack-up rigs, has published an investor presentation (see link below) in addition to providing the following contracting updates.
In September 2023, the premium jack-up rig 'Idun' received a Letter of Intent (LOI) for a 24 months’ program in Southeast Asia starting in January 2024. We expect this LOI to be converted into a firm contract in October 2023. The contract value for this award is expected to be around $124 million.
In August 2023, the premium jack-up rig 'Arabia III' successfully commenced its 5 year firm contract with Aramco. The contract started ahead of schedule, continuing the track record of the 'Arabia I' and 'Arabia II' which started their respective 3 year contracts with Aramco in Q4 2022.
Also in August 2023, our premium jack-up rig 'Hild' completed its transit to Mexico and is undergoing final preparations ahead of its maiden contract with Fieldwood. Currently our premium jack-up rig 'Ran' is on contract with the same customer. 'Hild' is expected to commence its contract in mid-October. Concurrently, 'Ran' will be mobilized to its subsequent contract with Total in Mexico, expected to commence in the second half of October 2023.
In September 2023, our premium jack-up rig 'Gerd' completed its transit from Africa to the UAE and is currently undergoing preparations ahead of its upcoming contract with Bunduq. Following discussions with the customer, we now anticipate that 'Gerd' will commence its contract in mid-November, ahead of the previously announced schedule.
Borr Drilling – Investor Presentation
Source: Borr Drilling
