Borr Drilling Limited - Contracting update

Rhea-AI Summary

Borr Drilling has secured a new contract for its premium jack-up rig 'Norve' with a returning customer in West Africa. The contract, scheduled to begin in Q3 2025 following the completion of the Marathon Oil contract, includes five firm wells with an estimated duration of 320 days. The agreement also includes options for up to five additional wells at mutually agreed prices. This new commitment will add $58 million to Borr's contract revenue backlog, excluding options, mobilization, and demobilization compensation.

Positive

• Secured new 320-day contract worth $58 million
• Contract includes options for five additional wells
• Continuous utilization of rig with no gap between contracts

Negative

• None.

News Market Reaction

+3.86%

1 alert

+3.86% News Effect

On the day this news was published, BORR gained 3.86%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

HAMILTON, Bermuda, Dec. 9, 2024 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) (OSE: BORR) is pleased to announce a new contract commitment for its premium jack-up rig "Norve" with a repeat customer in West Africa. This work is in direct continuation of the Marathon Oil contract and is estimated to commence in Q3 2025. The contract is for five wells firm, with an anticipated duration of 320 days, plus up to five optional wells at mutually agreed prices. This commitment adds an additional $58 million in contract revenue backlog, excluding options, mobilization and demobilization compensation. 

Forward looking statements

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as "will", "expect", "estimate" and similar expressions and include statements relating to contract awards, letter of awards, contract duration and value and expected start and end dates, and other non-historical statements. Such forward looking statements are subject to risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to contracting, including start dates of such contracts, actual performance under drilling contracts, the risk that backlog may not be realized, and other risks and uncertainties described in the section entitled "Risk Factors" in our most recent annual report on Form 20-F and other filings with the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward -looking statements included herein. These forward -looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

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SOURCE Borr Drilling Limited

FAQ

What is the value of Borr Drilling's new contract for the Norve rig in West Africa?

The new contract for the Norve rig is worth $58 million, excluding options, mobilization and demobilization compensation.

When will Borr Drilling's new West Africa contract for the Norve rig commence?

The contract is estimated to commence in Q3 2025, following the completion of the Marathon Oil contract.

How long is the duration of BORR's new contract for the Norve rig?

The contract has a firm duration of 320 days for five wells, with options for up to five additional wells.