Borr Drilling Limited - Contracting Updates

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

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.

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

Argus Jan 6 session

+3.77% close to close Open Argus

Details

News Market Reaction – BORR

On Jan 6, the day this news came out, BORR closed 3.77% above the previous close.

Data tracked by StockTitan Argus for the Jan 6 session.

Key Figures

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

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

5 events

1. Dec 10

   Equity settlement

   24h Move

   -1.1%

   Settlement of 21M-share equity offering at $4.00 for $84M proceeds.

2. Dec 09

   Debt offering

   24h Move

   +7.4%

   Pricing of 10.375% senior secured notes due 2030 for ~$165M.

3. Dec 09

   Equity pricing

   24h Move

   +7.4%

   Pricing 21M-share public equity offering at $4.00 for $84M.

4. Dec 08

   Equity announcement

   24h Move

   +0.3%

   Announcement of 21M-share equity raise of about $85M.

5. Dec 08

   Acquisition

   24h Move

   +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.

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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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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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.