Offshore drilling company Borr Drilling said Thursday that its joint venture company in Mexico (Perfomex) had entered into new contracts for the company's five premium jack-up rigs.
The rigs in question are the "Galar", "Gersemi", "Grid", "Njord" and "Odin" and the contracts are with OPEX Perforadora S.A. de C.V. and Perforadora Profesional Akal I S.A. de C.V, providers of integrated well services to Pemex.
The contracts are effective from October 20, 2022 and will maintain all five rigs contracted until December 31, 2025. They are worth a total of $715 million, including upfront cash payments of $33 million in total.
Borr Drilling said that the agreements had improved terms that are expected to improve the economic efficiency of the business
Borr Drilling Limited provides the five rigs on a bareboat basis to the joint ventures with bareboat earnings equivalent to residual cash from the day-rate earnings less payments of operating expenses and other fees in the joint ventures.
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