Borr Drilling's Backlog Increased by 421 Days with New Jack-up Rig Deals

Jack-up drilling rig contractor Borr Drilling said Monday it had secured two letters of award ("LOA") for its premium jack-up drilling rigs "Gerd" and "Thor."

These awards increase the company's firm backlog by approximately 421 days, excluding optional periods.

The premium jack-up drilling rig "Gerd" (ex-PERISAI PACIFIC 102) has secured a binding LOA from an undisclosed customer for work in the Middle East. 

The contract for the PPL Pacific Class 400 design jack-up rig will cover a firm scope of 270 days, and one unpriced optional scope of 60 days. The firm scope has an estimated contract value of $47.7 million, including mobilization and demobilization. 

The "Gerd" concludes its current contract with Addax in Cameroon in Q3 2023, following Addax's decision not to proceed with certain optional wells previously exercised. 

The rig will then undergo mobilization, statutory surveys, and recertification ahead of its new commitment, which is expected to start in December 2023, Borr Drilling said.

The premium jack-up drilling rig "Thor" has secured a binding LOA from an undisclosed customer for work in Southeast Asia. 

This contract will cover a firm scope of two wells with an estimated duration of 151 days and a contract value of $25.1 million, including mobilization and demobilization. 

This contract is expected to start in December 2023, in direct continuation of the rig's ongoing contact. According to Borr Drilling's May 2023 fleet status report, Thor is currently under contract with CPOC (Carigali-PTTEPI Operating Company), operating in Malaysia-Thailand Joint Development Area

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