Offshore drilling contractor Borr Drilling has secured a binding Letter of Award for its jack-up drilling rig Mist.
The deal is with the Abu Dhabi-based Mubadala Petroleum for drilling in Thailand. The contract length has an estimated duration of 210 days. The contract has an estimated value of $25.2 million. This set the dayrate to around $120,000.
According to Borr Drilling, the program is expected to start in January 2023.
The 2013-built Mist jack-up is a KFELS Super B Bigfoot Class rig. It can operate in water depths of up to 350 feet (106.68 meters). The rig is currently operating for PTTEP in Thailand, under a contract that expires in October 2022.
According to Wood Mackenzie data provided to Offshore Engineer, the global jack-up rig utilization in June was 66%, with 293 rigs on contract, and 148 available.
In Asia, jack-up utilization dipped 1% in June to 58%, with 84 rigs on contract, and 60 available.