Fossil Energy – Drilling
Borr Drilling has entered into an agreement to sell the Gyme jack-up drilling rig for $120 million to an unrelated third party.
Gyme is a 2018 PPL Pacific Class 400 located in Singapore and has not been activated or contracted since its delivery.
The sale of the rig is an undertaking by Borr under its most recent refinancing with PPL Shipyard, which was completed in early October. The proceeds from the sale will be applied to all outstanding amounts owed on the rig, and excess amounts will be applied to the capitalized interest for the eight other rigs financed by PPL.
The transaction is expected to close in fourth-quarter 2022.