Borr Drilling Nets Close to $160M in Fresh Contracts for Three Jack-Ups

Prospector 1 jack-up rig (Credit: Neptune Energy)
Prospector 1 jack-up rig (Credit: Neptune Energy)

Offshore drilling contractor Borr Drilling has secured work for three of its premium jack-up rigs, bringing in $158.6 million to the company.

The new contracts are for the Prospector 1, Gunnlod, and a rig to be determined.  The commitments total 820 days and $158.6 million in contract revenue, inclusive of mobilization and demobilization compensation.

In the North Sea, multiple contracts have been secured totaling 250 days of backlog that commenced in March 2024.

In Southeast Asia, the company has secured a one well commitment, with an anticipated duration of 90 days, that will commence in May 2024.

Finally, an undisclosed customer has issued a firm and binding Letter of Award for a campaign expected to commence between the fourth quarter of 2024 and first quarter of 2025, with an estimated duration of 480 days, Borr Drilling informed.

Built in 2013, Prospector 1 jack-up rig is of Friede & Goldman JU2000E design, with a maximum drilling depth of 35,000 ft and a water depth of 400 ft. It can accommodate 140 people.

Gunnlod jack-up rig was built in 2018 at PPL Shipyard in Singapore. It is of PPL Pacific Class 400 design and can accommodate 150 people. The rig is able to operate in water depths of 400 ft, with its maximum drilling depth of 30,000 ft.

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