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
