Borr Drilling scores two jack-up deals worth $73m

Offshore drilling company Borr Drilling has secured two letters of award (LOA) for its jack-up drilling rigs Gerd and Thor.

Tor Olav Trøim’s Borr Drilling said that these awards would increase Borr Drilling’s firm backlog by approximately 421 days, excluding optional periods.

The Gerd jack-up secured a binding LOA from an undisclosed customer for work in the Middle East. This contract will cover a firm scope of 270 days and one unpriced optional scope of 60 days.

The firm scope has an estimated contract value of $47.7m, including mobilization and demobilisation.

The Gerd will end its current contract with Addax in the third quarter of 2023, following the oil company’s decision not to proceed with certain optional wells previously exercised.

The rig will then undergo mobilisation, statutory surveys, and recertification ahead of its new commitment which is expected to start in December 2023.

The contract for the jack-up drilling rig Thor will cover a firm scope of two wells in Southeast Asia with an estimated duration of 151 days and a contract value of $25.1m, including mobilisation and demobilisation.

The deal is expected to begin in December 2023, in direct continuation of the rig’s ongoing contract. The customer for the jack-up drilling rig Thor was also left undisclosed. The rig is currently working for the Carigali-PTTEPI Operating Company offshore Malaysia and Thailand.

The entire Borr Drilling rig fleet has been contracted. The last free rig to be contracted was the Hild back in April.