Borr Drilling Limited - Contracting Updates

Rhea-AI Summary

Borr Drilling Limited (NYSE: BORR) has secured new contract commitments for two of its premium jack-up rigs. The Prospector 1 received Letters of Award from Dana Petroleum (30-day contract) and ONE-Dyas (210-day contract) in the Netherlands, with the latter including options for an additional 210 days. The Natt rig secured a 60-day contract with New Age in Congo.

These new commitments total 300 days and represent over $43 million in contract revenue backlog, excluding options and other compensation. Additionally, the previously announced LOA for the "Odin" rig in Mexico has been converted into a contract and operations have commenced.

Positive

• New contracts secured totaling over $43 million in revenue backlog
• Combined 300 days of new contract commitments across multiple regions
• Additional 210-day extension option with ONE-Dyas
• Successful conversion of Odin rig LOA to active contract in Mexico

Negative

• None.

Insights

Offshore Drilling Industry Analyst

Borr Drilling secured $43 million in new contracts, bolstering its backlog with 300 days of work across multiple regions.

Borr Drilling has strengthened its contract backlog with new commitments across key offshore regions. The company secured two significant agreements for its Prospector 1 jack-up rig in the North Sea - a 30-day contract with Dana Petroleum starting November 2025, followed by a 210-day commitment with ONE-Dyas beginning December 2025. The ONE-Dyas contract includes potential extension options for an additional 210 days, providing further upside potential.

Simultaneously, Borr's Natt rig obtained a 60-day contract with New Age in Congo, starting November 2025. These three new commitments collectively add $43 million to Borr's revenue backlog from 300 days of contracted work, excluding additional potential revenue from mobilization fees and extension options.

This announcement demonstrates Borr's continued ability to secure work in multiple geographic markets, improving fleet utilization rates and cash flow visibility through late 2025 and into 2026. The company is also executing on previously announced work, with the Odin rig now operational in Mexico after converting a Letter of Award to a firm contract.

The diversification across both North Sea and West African markets helps mitigate regional operational risks, while the extension options with ONE-Dyas could provide meaningful additional backlog if exercised. These contracts reinforce Borr's market position as a provider of premium jack-up drilling services in a gradually improving offshore drilling market.

HAMILTON, Bermuda, Aug. 27, 2025 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE: BORR) is pleased to announce new contract commitments for two of its premium jack-up rigs and an additional fleet update.

In the North Sea, the Prospector 1 has received separate binding Letters of Award from Dana Petroleum and ONE-Dyas in the Netherlands. 

The Dana Petroleum commitment is for one well, with an anticipated duration of 30 days, scheduled to commence in November 2025. The ONE-Dyas commitment covers a period of three wells, with an anticipated duration of 210 days, and is expected to commence in December 2025, in direct continuation of the previous contract. The ONE-Dyas award includes options that may extend the work by an additional 210 days.

In West Africa, the Natt has secured a contract with New Age in Congo. The firm scope of one well has an anticipated duration of 60 days scheduled to commence November 2025.

These new commitments cover a combined duration of 300 days and represent more than $43 million in contract revenue backlog, excluding options, mobilization, and demobilization compensation. 

Additionally, the previously announced LOA for the "Odin" in Mexico has converted into a contract and the rig has commenced operations under the contract.

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 contract commitments including contract days and potential revenues from such commitments, contract coverage and day rates, timing of commencement and duration of contracts and options and extensions, contract terms and ability of rigs to meet incentives, expected duration of option terms 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 actual performance of our rigs under contracts, whether options are exercised, risks relating to our ability to convert LOIs and LOAs into contracts and the terms of such contracts, and other risks relating to the contracts discussed herein and performance thereunder 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.

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,c4225059

 

View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited--contracting-updates-302539949.html

SOURCE Borr Drilling Limited

FAQ

What new contracts did Borr Drilling (NYSE: BORR) announce in August 2025?

Borr Drilling announced contracts for two rigs: Prospector 1 (240 days total in the Netherlands) and Natt (60 days in Congo), representing over $43 million in revenue backlog.

How long is the ONE-Dyas contract for Borr Drilling's Prospector 1 rig?

The ONE-Dyas contract is for 210 days with options to extend for an additional 210 days, scheduled to commence in December 2025.

What is the total value of Borr Drilling's new contract backlog announced in August 2025?

The new contracts represent more than $43 million in contract revenue backlog, excluding options, mobilization, and demobilization compensation.

Where will Borr Drilling's Natt rig operate under its new contract?

The Natt rig will operate in Congo, West Africa for New Age under a 60-day contract starting November 2025.

What is the status of Borr Drilling's Odin rig contract in Mexico?

The previously announced Letter of Award (LOA) for the Odin rig has been converted into an active contract and operations have commenced in Mexico.