Offshore drilling contractor Borr Drilling has secured new contract commitments for three of its premium jack-up rigs, with other rigs in its fleet also preparing for drilling jobs across the world.
Borr Drilling secured new contract awards for the 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.
Thor received a binding letter of award from Vietsovpetro in Vietnam, Southeast Asia. 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 start 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 fourth quarter of 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 begin in the second half of 2026.
The final contract remains subject to the customer’s Final Investment Decision (FID), anticipated in the second quarter of 2025.
As for other jack-ups in its fleet, Borr Drilling received re-mobilization notices for the rigs Galar, Grid and Gersemi, which were previously suspended in Mexico.
Alos, the start of long-term contracts for the rigs Arabia I and Vali have enabled the company to invoice approximately $48 million in lump-sum mobilization revenues.
“With the above developments, six of our rigs that were idle for part or the whole of first quarter of 2025 are set to resume operations, laying the foundation for a significant improvement in utilization, revenue and EBITDA starting in the second quarter 2025 and beyond,” Borr Drilling said in a statement.