Fossil Energy – Drilling
Borr Drilling has entered into new contracts for the Company’s five premium jack-up rigs Galar, Gersemi, Grid, Njord and Odin with OPEX Perforadora and Perforadora Profesional Akal, providers of integrated well services to Pemex.
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The contracts are effective from October 20, 2022 and will maintain all five rigs contracted until December 31, 2025 for a combined contract value of $715 million, including upfront cash payments of $33 million in total. Further, these agreements incorporate enhanced terms that are expected to improve the economic efficiency of the business.
Borr Drilling Limited provides the five rigs on a bareboat basis to the joint ventures with bareboat earnings equivalent to residual cash from the day-rate earnings less payments of operating expenses and other fees in the joint ventures.