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    1. Vessels

    Borr sells two jackups

    April 30, 2020
    A wholly owned subsidiary of Borr Drilling Ltd. has sold the standard jackups Dhabi II and the Paragon B152 to an unnamed buyer.
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    Offshore staff

    HAMILTON, Bermuda – A wholly owned subsidiary of Borr Drilling Ltd. has sold the standard jackups Dhabi II and the Paragon B152 to an unnamed buyer for total cash proceeds of $15.8 million, including the associated backlog effective from April 1, 2020. 

    Both jackups are under contract with ADNOC. Borr will continue to operate the rigs under a services agreement to ensure continuity. 

    The rigs are unencumbered, and the liquidity effect for the company is equal to the sales proceeds. It expects to record a gain of about $11.5 million.

    The company said the sale is in line with its long-term strategy to focus on the operation of its core fleet of modern jackup drilling rigs.

    04/30/2020