Borr Drilling Limited - Operational and Contracting Updates

Borr Drilling adds new rig work in Vietnam, extends ENI’s Bestla term to September 2027, and starts Odin dayrate revenues off Texas.

Rhea-AI Summary

Borr Drilling (BORR) reported operational progress and new jack-up rig contracts across the Americas, Southeast Asia and Europe as of September 15, 2026.

In the Americas, the Odin completed mobilization offshore Texas and, after acceptance testing, started its contract and began earning dayrate revenues on September 11, 2026. In Southeast Asia, the Idun secured a three-well contract in Vietnam with an undisclosed operator, expected to last about 130 days starting in the fourth quarter of 2026, directly following its current work. In Europe, ENI exercised a nine-month option on the Bestla, extending that contract to September 2027 and retaining an additional nine-month fixed price option. Borr Drilling is expected to take over operational management of the Bestla in the fourth quarter of 2026 after the existing bareboat charter ends.

Positive

• Odin began earning dayrate revenues on September 11, 2026
• Idun awarded three-well Vietnam contract of about 130 days from Q4 2026
• Bestla contract extended by ENI by nine months to September 2027
• ENI holds an additional nine-month fixed price option on Bestla
• Borr Drilling expected to assume Bestla operational management in Q4 2026

Negative

• None.

Market Context

At publication, BORR was down 3.51% while PDS, NBR, SDRL, HP and PTEN were higher by 2.53%, 2.42%, 6...

Analysis

At publication, BORR was down 3.51% while PDS, NBR, SDRL, HP and PTEN were higher by 2.53%, 2.42%, 6.53%, 1.40% and 1.44%; the contracting update coincided with company-specific divergence from peers.

Key Figures

Odin revenue commencement: September 11, 2026 Vietnam campaign: Three wells Campaign duration: 130 days +3 more

Odin revenue commencement

September 11, 2026

Odin began earning dayrate revenues under its contract

Vietnam campaign

Three wells

Idun contract in Vietnam

Campaign duration

130 days

Estimated duration of Idun's Vietnam campaign

Campaign commencement

Fourth quarter of 2026

Scheduled start for Idun's Vietnam campaign

Bestla contract extension

Nine months

ENI option extending the contract to September 2027

Additional Bestla option

Further nine months

Additional fixed price option held by ENI

Key Terms

dayrate, bareboat charter, fixed price option

3 terms

dayrate financial

"began earning dayrate revenues on September 11, 2026"

Dayrate is the agreed fee charged for each day of use of an asset or for daily provision of a service—commonly applied to things like drilling rigs, ships, heavy equipment, or specialist contractors. For investors it matters because dayrates determine short‑term revenue and operating margins: rising dayrates boost cash earned per working day and signal strong demand, while falling dayrates reduce income and can indicate weaker market conditions, similar to how a hotel’s nightly rate affects its nightly revenue.

bareboat charter financial

"following the completion of its bareboat charter with the prior owner"

A bareboat charter is a leasing arrangement where one person or company rents a vessel without crew, equipment, or supplies, essentially taking full control of it as if they own it. It matters to investors because it can be used to generate income from the vessel’s use or to reduce ownership costs, influencing a company's revenue and asset management strategies.

fixed price option financial

"maintains an additional fixed price option to extend the contract"

An option that gives its holder the right, but not the obligation, to buy (call) or sell (put) an underlying asset at a predetermined, unchanging price (the exercise or strike price) during a specified period or on a specified date. Investors care because the fixed strike makes the option’s payoff and potential dilution or cash obligation predictable, allowing straightforward valuation and planning—like holding a coupon that lets you buy an item later at a locked-in price regardless of market moves.

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

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HAMILTON, Bermuda, Sept. 15, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) (OSE: BORR) (the "Company") today provided an operational update on the Odin and announced new contract commitments.

In the Americas, following mobilization offshore Texas in mid-August and subsequent acceptance testing, the Odin has commenced its contract and began earning dayrate revenues on September 11, 2026.

In Southeast Asia, the Idun has been awarded a contract with an undisclosed operator in Vietnam. The three-well campaign, with an estimated duration of 130 days, is scheduled to commence in the fourth quarter of 2026, in direct continuation of the rig's current contract. 

In Europe, ENI has exercised a nine-month option on the Bestla, extending the contract to September 2027. ENI maintains an additional fixed price option to extend the contract by a further nine months. The Company is expected to assume operational management of the rig in the fourth quarter of 2026 following the completion of its bareboat charter with the prior owner.

About Borr Drilling Limited

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 and on Euronext Oslo Børs since May 21, 2026 under the ticker "BORR." The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow-water segment to the offshore oil and gas industry worldwide. Please visit our website at www.borrdrilling.com.

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 contracts and contract commitments including options, including related revenues, contract coverage, the commencement of operations and contracts, the duration of contracts, the transition of rig operations, 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 commencement and duration of rig operations and new contract commitments described herein, contract coverage and dayrates, the performance of our rigs under contracts, risks related to the commencement operations including risks related to our ability to commence such operations consistent with the timeframes described herein, the risk that backlog does not materialize as expected, the risk that contracts do not materialize as expected, risks relating to market trends, risks relating to operational management transitions, and other risks and uncertainties, including those described in our annual report on Form 20-F for the year ended December 31, 2025 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, ir@borrdrilling.com 

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SOURCE Borr Drilling Limited

FAQ

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

When did the Odin start earning dayrate revenues and where is it operating?

The Odin began earning dayrate revenues on September 11, 2026. It is operating offshore Texas, following mobilization in mid-August and completion of acceptance testing.

What are the key terms of Idun’s new contract in Vietnam?

The Idun has been awarded a contract by an undisclosed operator in Vietnam. It covers a three-well campaign with an estimated duration of 130 days and is scheduled to start in the fourth quarter of 2026 in direct continuation of the rig’s current contract.

How long is Bestla’s contract with ENI now and what options remain?

ENI has exercised a nine-month option on the Bestla, extending the contract to September 2027. ENI also retains an additional fixed price option to extend the contract by a further nine months.

When will Borr Drilling take over operational management of the Bestla rig?

Borr Drilling is expected to assume operational management of the Bestla in the fourth quarter of 2026, after its current bareboat charter with the prior owner is completed.