Fossil Energy – Drilling
Borr Drilling announced new contract commitments for three of its premium jack up rigs, the Arabia I, the Gunnlod, and the Norve.
These commitments cover a total of 1,779 days and $332 million in contract revenue, including mobilization and demobilization compensation.
The Arabia I which had its work scope suspended earlier this year in Saudi Arabia has secured a new long-term contract in Brazil. The contract period is 4 years firm plus a 4 year unpriced option. This contract is expected to commence in Q1 2025 in cooperation with an experienced local partner for Petrobras.
In Southeast Asia, the Gunnlod has received a binding Letter of Award from an operator in Malaysia. The award covers a firm scope of seven wells, with an anticipated duration of 210 days, and is expected to commence in November 2024.
In Africa, the Norve has secured a 109-day extension with BW Energy in Gabon. This extension will keep the Norve contracted until February 2025 when it will commence its subsequent contract with Marathon Oil in Equatorial Guinea.
Additionally, the Company previously announced the award of 180 days firm plus 180 days option commitment in Congo for ENI. The Gerd will execute this program that is expected to commence in October 2024. The rig is currently operating in the UAE and will commence mobilization to West Africa in September immediately following the completion of its current contract.
