Borr Drilling Limited - Contracting Updates

Q: What are the details of the Odin contract announced by BORR on January 6, 2026?

The Odin secured a contract for two wells plus an optional well with an undisclosed U.S. operator; the campaign is expected to start mid-2026 with ~ 60 days per well .

Q: What option was activated for the Odin contract affecting Cantium and when does it start?

An option mechanism was activated that provides Cantium a six-month optional period commencing in January 2027 .

Rhea-AI Impact

(Moderate)

Rhea-AI Sentiment

(Neutral)

Rhea-AI Summary

Borr Drilling (NYSE: BORR) announced new firm contract commitments for two premium jack-up rigs.

The Ran received a one-well extension with ENI in Mexico with an anticipated duration of 75 days, keeping the rig on firm contract through March 2026; remaining options allow up to 240 additional days. The Odin secured a contract for two wells plus an optional well with an undisclosed U.S. operator; the campaign is expected to start mid-2026 with ~60 days per well. Odin's new firm commitment activated an option giving customer Cantium a six-month optional period commencing January 2027.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Positive

Ran firmed for one well through March 2026
Ran contract includes 240 days of additional option capacity
Odin secured a firm commitment for two wells plus one option
Odin campaign expected mid-2026, ~60 days per well
Option mechanism activated: 6-month optional period for Cantium from Jan 2027

Negative

Odin contract operator is undisclosed, limiting transparency

News Market Reaction – BORR

+3.77%

+3.77% News Effect

On the day this news was published, BORR gained 3.77%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

What This Means

This announcement adds contract visibility for two premium jack-up rigs, with the Ran extended throu...

Analysis

This announcement adds contract visibility for two premium jack-up rigs, with the Ran extended through March 2026 and Odin work expected from mid-2026 plus options into 2027. It follows a period of fleet expansion and capital raising to acquire five additional rigs. Investors may watch how these and future awards translate into backlog, dayrates, and utilization, particularly given the company’s larger fleet and recent financing activity.

Key Figures

Ran extension duration: 75 days Ran remaining options: 240 days Odin firm wells: 2 wells +3 more

6 metrics

Ran extension duration 75 days Anticipated duration of ENI well extension in Mexico

Ran remaining options 240 days Potential extension beyond new committed term

Odin firm wells 2 wells New contract in the United States of America

Odin optional wells 1 optional well Additional well under new Odin contract

Odin duration per well 60 days per well Estimated campaign duration starting mid-2026

Cantium optional period 6 months Optional period commencing in January 2027 for Cantium

Historical Context

5 past events · Latest: Dec 10 (Negative)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Dec 10	Equity settlement	Negative	-1.1%	Settlement of 21M-share equity offering at $4.00 for $84M proceeds.
Dec 09	Debt offering	Negative	+7.4%	Pricing of 10.375% senior secured notes due 2030 for ~$165M.
Dec 09	Equity pricing	Negative	+7.4%	Pricing 21M-share public equity offering at $4.00 for $84M.
Dec 08	Equity announcement	Negative	+0.3%	Announcement of 21M-share equity raise of about $85M.
Dec 08	Acquisition	Positive	+0.3%	Agreement to acquire five jack-up rigs from Noble for $360M.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent financing-related announcements often showed price divergence, while the acquisition news aligned modestly with a positive reaction.

Recent Company History

Over the last month, Borr Drilling announced a $360 million acquisition of five premium jack-up rigs, expanding the fleet from 24 to 29 rigs, followed by multiple equity and debt offerings around Dec 8–10, 2025 to fund the deal. Price reactions were mixed: the acquisition and initial offering news saw small gains, while later equity settlement produced a mild decline, indicating nuanced sentiment around leverage and dilution. Today’s contract awards build on this expanded fleet and backlog strategy.

Regulatory & Risk Context

Short Interest: 8.16%

Short Interest

8.16% of shares outstanding

as of 2026-05-29 Days to cover: 1.8

Key Terms

jack-up rigs

1 terms

jack-up rigs technical

"new contract commitments for two of its premium jack-up rigs."

A jack-up rig is a mobile offshore platform used for drilling or servicing wells that lowers extendable legs to the seabed and then raises the working platform above the water like a table on stilts. Investors care because these rigs are revenue-generating assets whose value and income depend on oil and gas demand, contract rates and utilization; think of them as specialized rental equipment whose earnings rise and fall with energy prices and project activity.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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01/06/2026 - 03:27 AM

HAMILTON, Bermuda, Jan. 6, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) (Euronext Growth Oslo: BORR) (the "Company") is pleased to announce new contract commitments for two of its premium jack-up rigs.

In the Americas, the Ran has received a one-well extension with ENI in Mexico. The well has an anticipated duration of 75 days, keeping the rig on firm contract through March 2026. The remaining options under the contract allow for 240 days of extension beyond the end of the new committed term.

Additionally, the Odin has secured a contract for two wells plus an optional well with an undisclosed operator in the United States of America. The campaign is expected to commence mid-2026, with an estimated duration of 60 days per well.

As a result of the Odin's new firm commitment, an option mechanism in the rig's previously announced contract for work in the Gulf of America has been activated that provides the customer Cantium with six months of optional period commencing in January 2027.

Forward-Looking Statements

This press release and related discussions include forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "likely", "aim", "plan", "guidance" and similar expressions and include statements regarding new contract commitments, including the commencement and duration thereof, and other non-historical statements. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors that could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to new contract commitments described herein, the commencement and duration of such contracts, the potential revenues from such contracts, the performance of our rigs under such contracts, whether contractual options are exercised and the commencement and duration thereof, and other risks and uncertainties, including those described in our annual report on Form 20-F for the year ended December 31, 2024 and our other filings with and submissions to 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

This information was brought to you by Cision http://news.cision.com.

https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---contracting-updates,c4288897

View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited--contracting-updates-302653643.html

SOURCE Borr Drilling Limited

FAQ

What contract did Borr Drilling (BORR) announce for the Ran rig on January 6, 2026?

The Ran received a one-well extension with ENI in Mexico for an anticipated 75 days, keeping it on firm contract through March 2026.

How many additional option days does the Ran contract include for BORR?

The Ran's contract includes remaining options that allow up to 240 days of extension beyond the new committed term.

What are the details of the Odin contract announced by BORR on January 6, 2026?

The Odin secured a contract for two wells plus an optional well with an undisclosed U.S. operator; the campaign is expected to start mid-2026 with ~60 days per well.

What option was activated for the Odin contract affecting Cantium and when does it start?

An option mechanism was activated that provides Cantium a six-month optional period commencing in January 2027.

Do the BORR announcements include contract values or dayrates for the Ran or Odin?

No monetary contract values or dayrates were disclosed in the announcement.