Fossil Energy – Drilling
Borr Drilling has announced new contract commitments totalling 495 days and $82.2 million in contract revenue for three of its premium jack up rigs, excluding mobilisation and demobilisation compensation.
Following these new contracts, the company’s fleet contract coverage is 87% for 2024, including firm commitments and priced options.
Firstly, BW Energy has extended the contract for the 400-ft Norve by approximately two months through July 2024. The rig has been working for BW Energy since late 2022 and its previous option was exercised in November 2023, extending the rig until June 2024. Following this latest extension with BW, the rig is scheduled to work for Tower Resources in Cameroon under a contract awarded in December 2023.
Furthermore, the 350-ft Mist has secured a contract extension from a subsidiary of Valeura Energy in Thailand. 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. The rig has been working for Valeura since early 2023. Valeura has recently announced plans to invest $8 million in pursuing exploration opportunities within its licenses offshore Thailand. The company has identified exploration opportunities at Wassana North, Nong Yao D, and the Ratree Prospect, near the Jasmine field.
Finally, the 400-ft Thor has received a binding Letter of Award from an undisclosed customer for work in Southeast Asia. This award will cover a firm scope of two wells, with an anticipated duration of 70 days, and is expected to begin in Q3 2024 in direct continuation of its current commitment. The jack up is currently operating for Petronas following its arrival at Ketapang PSC in late January 2024.
