Borr Drilling Secures $82M for Three Jack-up Rigs

© bomboman / Adobe Stock
© bomboman / Adobe Stock

Offshore drilling contractor Borr Drilling has secured contract commitments totalling 495 days and $82.2 million in revenue for three of its jack-up rigs, excluding mobilization and demobilization compensation.

Firstly, BW Energy has extended the contract for the Norve jack-up by approximately two months through July 2024.

BW Energy used Norve jack-up rig to drill the appraisal well in the Hibiscus South satellite prospect, offshore Gabon, striking the oil in November 2023. The company said it planned to return to the well to complete it as a production well in early 2024.

Norve jack-up was recently hired by Tower Resources for the drilling campaign offshore Cameroon in central Africa. Borr Drilling noted that the Norve rig is expected to be able to mobilize to Cameroon between June and August 2024, subject to its existing contractual commitments.

Built in 2011 at the PPL shipyard in Singapore, Norve jack-up rig is capable of operating in water depths of up to 400 ft, with a maximum drilling depth of 30,000 ft. The rig is of PPL Pacific Class 400 design.

Borr Drilling also secured a contract extension from a subsidiary of Valeura Energy in Thailand for the Mist jack-up. The contract extension covers a firm term of 12 months starting in direct continuation to the current contract and will maintain the rig contracted through August 2025.

Mist jack-up is a Super B Bigfoot Class rig built by Keppel FELS Shipyard in 2013.

Late in 2023, Valeura Energy completed an infill drilling campaign at its Nong Yao oil field offshore Gulf of Thailand, where it holds a 90% operated working interest.

The company drilled four wells at the Nong Yao A wellhead processing platform, including three production-oriented development wells and one appraisal well. The, at its fully-owned Wassana field, started a production-oriented drilling campaign, including three horizontal development wells, targeting reservoir intervals which have been only partially developed.

After the work at Wassana field, the rig will then return to Nong Yao to begin the Nong Yao C development.

Borr Drilling has also received a binding Letter of Award from an undisclosed customer for its Thor jack-up rig, for work in Southeast Asia. This award will cover a firm scope of two wells, with an anticipated duration of 70 days.

The campaign is expected to start in the third quarter of 2024 in direct continuation of its current commitment.

Thor is a 2019-built jack-up rig of KFELS Super B Bigfoot Class design, with a maximum drilling depth of 35,000 ft, which is able to accommodate 150 people.

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