Borr Drilling Adds 625 Days to Backlog with Hat-trick of Jack-up Rig Deals


Shallow water drilling company Borr Drilling has secured contracts and extensions for three jack-up drilling rigs: Ran, Gerd, and Natt.

Borr Drilling said on Monday that the contracts added about 625 days to its firm backlog.

The premium jack-up drilling rig "Ran" has secured a contract with Fieldwood Energy for work offshore Mexico. This contract will cover a firm scope of two wells with an estimated duration of 50 days, and one optional well with an estimated duration of 75 days. 

The firm work has an estimated contract value of $7.5 million, excluding mobilization and demobilization. 

The contract is set to begin in June 2023, right after the rig's current contract ends. The Fieldwood deal is expected to keep the rig contracted until Q4 2023, when it will start its subsequent contract. The Ran is currently on a contract with Wintershall in Mexico.

$40 million Extension for "Gerd"

Addax used both priced and unpriced options for the premium jack-up drilling rig "Gerd," which added ten months to the contract. 

This extension will keep rig contracted until the end of January 2024. It has an estimated contract value of $40 million. No further options are available under this contract. 

According to Borr's December 2022 fleet status report, the Gerd is working for Addax in Cameroon.

"Natt" to work in Congo until Q1 2024

Lastly, Borr Drilling said that the Italian oil company Eni had exercised three well options for the premium jack-up drilling rig "Natt." This extended the contract by an estimated 270 days. 

This extension should keep the rig under contract until the first quarter of 2024 and is worth an estimated $22.7 million. The December 2022 rig fleet status report shows the rig is working for Eni in Congo.

Borr Drilling's 2023 Guidance

On January 24, Borr Drilling said that for 2023, "based on current contracts and projections for new contracts," the company expected to generate revenues of $740 - $780 million and Adjusted EBITDA of $360-$400 million (previous guidance was adjusted EBITDA of $290 - 330

"Borr Drilling has been through a transformational journey the last years, activating and putting 21 rigs successfully to work and significantly strengthening the company's balance sheet. The outlook for the industry and our Company is continuing to improve, which is likely to lead to further increased utilisation and higher day-rates," Borr Drilling CEO Patrick Schorn said at the time as part of the 2023 guidance press statement.

Borr Drilling will release its financial results for the fourth quarter of 2022 on Thursday, February 16, 2023.

As at December 30, 2022 offshore rig fleet status report, Borr Drilling's fleet consisted of 24 offshore drilling rigs, of which 21 were operating/committed, one was available, and two were under construction.

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