Borr Drilling has secured new contracts for three of its jackup rigs, Arabia I, Gunnlod and Norve. These commitments cover a total of 1,779 days and $332 million in contract revenue, including mobilization and demobilization compensation.
Arabia I, which had its work scope suspended earlier this year in Saudi Arabia, has inked a new long-term contract offshore Brazil. The contract period is four years firm plus a four years unpriced option. This contract is expected to begin in first-quarter 2025 in cooperation with an experienced local partner for Petrobras.
Offshore Southeast Asia, Gunnlod has received a binding letter of award from an operator in Malaysia. The award covers a firm scope of seven wells, with an anticipated duration of 210 days, and it is scheduled to start operations this November.
Offshore Africa, Norve has secured a 109-day extension with BW Energy in Gabon. This extension will keep the jackup contracted until February 2025, which is when it will begin its subsequent contract with Marathon Oil in Equatorial Guinea.
Additionally, Borr Drilling previously announced the award of 180 days firm plus 180 days option commitment in Congo for Eni. The Gerd will execute this program that is expected to begin this October. The rig is currently operating in the UAE and will start mobilization to West Africa in September, immediately following the completion of its current contract.
Borr Drilling CCO Bruno Morand said, “Year to date, the company has secured 13 new contracts, contributing $644 m [million] in contract value, implying an average equivalent day rate of approximately $185,000. The new long-term award in Brazil for the Arabia I will be a vast improvement over its previous contract with a day-rate increase of over 60%. Following these awards, all our delivered rigs are committed. Based on already secured commitments and ongoing negotiations, we are confident that the newbuild Vali will be contracted and operating shortly after its delivery later this year.”
