Borr Drilling Limited - Contract Terminations

Rhea-AI Summary

Borr Drilling (NYSE:BORR) announced termination of two drilling contracts after implementation of international sanctions affecting a counterparty. The terminations concern rigs Odin and Hild, which had firm commitments through November 2025 and March 2026, respectively. The company said it remains committed to complying with international laws and sanctions frameworks and to high standards of corporate governance and compliance.

Positive

• Maintains compliance with international sanctions and laws
• Corporate governance and compliance emphasized after terminations

Negative

• Terminated firm contract for rig Odin effective before Nov 2025
• Terminated firm contract for rig Hild effective before Mar 2026

HAMILTON, Bermuda, Oct. 24, 2025 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) (the "Company") announces that it has terminated two of its drilling contracts following the recent implementation of international sanctions affecting a counterparty. The terminations relate to the contracts for the rigs Odin and Hild in Mexico that had firm commitments until November 2025 and March 2026, respectively.

The Company remains fully committed to adhering to all relevant international laws and sanctions frameworks and to maintaining the highest standards of corporate governance and compliance.

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https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---contract-terminations,c4256506

View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited--contract-terminations-302594328.html

SOURCE Borr Drilling Limited

FAQ

What did Borr Drilling (BORR) announce on October 24, 2025 about contracts?

Borr Drilling announced termination of two drilling contracts for rigs Odin and Hild following international sanctions affecting a counterparty.

Which rigs did Borr Drilling terminate contracts for and what were the original commitment dates?

Contracts for rig Odin had firm commitments until November 2025 and rig Hild until March 2026.

Why did Borr Drilling terminate the Odin and Hild contracts according to the October 24, 2025 notice?

The terminations followed the recent implementation of international sanctions affecting a counterparty; the company cited adherence to sanctions and laws.

How did Borr Drilling describe its stance after terminating the contracts on October 24, 2025?

Borr said it remains fully committed to complying with international laws and sanctions and to maintaining high standards of corporate governance and compliance.

Will the contract terminations for BORR affect the company’s legal compliance record?

The company framed the terminations as actions to remain compliant with international sanctions and law, indicating a compliance-first approach.