Borr Drilling Ltd. recently announced new contract commitments for three of its premium jack-up rigs and additional fleet updates.
The contractor says that it:
- Secured new awards for its rigs Thor, Gerd and Norve with an expected combined duration of 774 days and estimated contract revenues of approximately $120 million, excluding mobilization and demobilization fees.
- Received re-mobilization notices for the rigs Galar, Grid and Gersemi, which were previously suspended in Mexico.
- Commenced long-term contracts for the rigs Arabia I and Vali.
With the above developments, Borr Drilling says that six of its rigs that were idle for part or the whole of Q1 2025 are set to resume operations, laying the foundation for a significant improvement in utilization starting in Q2 2025 and beyond.
Contracting updates
In Southeast Asia, the rig Thor received a binding Letter of Award from Vietsovpetro in Vietnam. The award covers a firm scope of three wells, with an anticipated duration of 75 days, and is expected to commence in April 2025. Consequently, the rig’s previously announced program, originally set to begin in May will now commence in July, in direct continuation of this Vietsovpetro program. With these adjustments, the rig is now expected to remain under contract through September 2025.
In West Africa, the Gerd has secured a binding Letter of Award from Foxtrot in Ivory Coast for a one-year firm program, scheduled to begin in late Q4 2025.
Additionally, in West Africa, the Norve has received a Letter of Award from an undisclosed operator for a campaign with an expected duration of 11 months, set to commence in the second half of 2026. The final contract remains subject to the customer’s Final Investment Decision, anticipated in Q2 2025.
Fleet developments
In Mexico, Borr Drilling says that it has received a re-mobilization request from a customer for the rigs Galar, Grid and Gersemi, with mobilization to their next operating locations expected in mid-April 2025. Operations on these units are anticipated to resume shortly thereafter, within the second quarter of 2025. These three rigs were previously suspended as reported on January 15, 2025, and will continue operations on Pemex assets under the same contractual terms. Notably, the Galar will be deployed in the Bacab-Lum field, which Borr says “will be developed by an affiliate of our customer under a private investment structure.”
Additionally, the rigs Arabia I and the newbuild Vali have started earning day rate revenues under their long-term contracts with Petrobras in Brazil and Mellitah Oil and Gas in Libya, respectively.
