Fossil Energy – Drilling
Borr Drilling has been awarded new contracts for two of its premium jackup drilling rigs thereby increasing the company’s backlog by approximately 2,030 days, excluding optional periods.
In its latest fleet status report, Borr said that the premium jackup drilling rig Frigg has secured a long-term contract from an undisclosed customer for work in the Middle East. The rig has been warm-stacked for two years. This new contract has a firm duration of 5 years plus options and is expected to begin in the third quarter of 2023 following the completion of the rig’s reactivation. The estimated contract value of the firm term, including the mobilization fee, is USD 282 million.
The premium jackup drilling rig Gunnlod has received a binding Letter of Award (LOA) from an undisclosed customer for work in Southeast Asia. The programme has an estimated duration of 205 days and is expected to start in June 2023 following the completion of its current firm contracts and a statutory periodic survey. The estimated contract value is USD 27.5 million.
These awards increase the company’s contracted fleet to 21 rigs out of a total of 22 delivered rigs.
In addition, an option has been exercised by CPOC in Malaysia-Thailand JDA for the Thor jackup rig.
An option has also been exercised by Neptune Energy in the Netherlands for the Prospector 1 rig.