Offshore staff
HAMILTON, Bermuda – Borr Drilling Ltd. has issued an update on its jackup fleet.
In March 2021, the Idun started its 10-firm well contract with Vestigo in Malaysia. Estimated duration is 315 days. Subsequently, seven of the 10 wells have been novated to Petronas.
In April 2021, the Norve commenced its contract with BW Energy in Gabon for two firm wells plus one optional well, which has been exercised. The Norve is expected to remain contracted until October 2021. In May 2021, the company obtained an LOI from an undisclosed customer for a firm 120-day program plus 210 days of options starting in December 2021. The company anticipates that the Norve will remain contracted until April 2022 and 4Q 2022 if all options are exercised.
This month the Skald is expected to start a three-year contract with PTTEP in Thailand.
Last month the Prospector 1 finished its contract with ONE-Dyas in the North Sea and has since began a contract with Neptune Energy in the Netherlands for four firm wells plus three optional wells. The company has secured an additional contract for the unit with Tulip Oil in the Netherlands for two firm wells plus one optional well, which has been exercised. The Prospector 1 is expected to remain contracted until around March 2022 and into 1Q 2023 if all options are exercised.
The company has secured a letter of award (LOA) for the Saga relating to the optional wells under its current contract with PTTEP/JX Nippon. This LOA includes the novation of such options to an undisclosed operator in Malaysia. Upon conversion into a contract, the Saga is expected to remain contracted until August 2022.
PTTEP has exercised eight of 10 optional wells for the Gunnlod offshore Malaysia. This is expected to keep the rig operating up to September 2021. The contract can be extended by four further optional wells, which would keep the rig active for the remainder of 2021.
Oriental has awarded the Natt an approximately 120-day contract offshore Nigeria. The contract started in May.
All five Borr rigs operating in Mexico (Odin, Galar, Njord, Grid, and Gersemi) are now anticipated to continue operating for the IWS JVs through 2022.
As for the market outlook, Borr said it sees high probability of securing more contracts for several of its warm stacked rigs during the second half of the year.
06/04/2021
