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Borr Drilling (BORR) secures new jack-up rig work and extensions into 2026

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6-K

Rhea-AI Filing Summary

Borr Drilling Limited reported several new contract commitments and extensions for its premium jack-up rig fleet across multiple regions. In West Africa, the Prospector 5 received a binding letter of award from BW Energy in Gabon for four wells with a minimum duration of 320 days, expected to start in Q3 2026 after its current contract and special periodic survey, with options for up to 220 additional days.

In the Americas, the Ran secured a six‑month extension with ENI in Mexico, keeping the rig working through September 2026 for drilling and accommodation work. In Europe, the Joro received extensions totaling about two months, keeping it active through May 2026. In Southeast Asia, the Thor obtained a binding letter of award from an undisclosed operator in Vietnam for a two‑well, 100‑day campaign starting in July 2026, directly after its current commitment.

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Insights

Multiple jack-up contracts extend BORR’s fleet visibility into 2026.

Borr Drilling secured multi-region awards that lengthen backlog for four modern jack-up rigs. Prospector 5’s 320-day firm Gabon program plus 220 days of options and Thor’s 100-day Vietnam campaign add forward utilization anchored in 2026.

Ran’s six-month extension in Mexico through September 2026 and Joro’s extensions through May 2026 reduce near-term idle risk in key markets. While no dayrates or revenue figures are disclosed, the diversified geographic footprint may help balance regional demand cycles.

Future disclosures in periodic reports or additional announcements could quantify backlog and revenue impact from these awards, including whether the Prospector 5 and Thor options are exercised and how operational requirements in Mexico shape Ran’s activity mix.

Prospector 5 firm duration 320 days Firm four-well scope in Gabon starting Q3 2026
Prospector 5 optional extension 220 days Options that may extend Gabon work
Ran extension length six months Extension with ENI in Mexico through September 2026
Joro extensions approximately two months Keeps Joro committed in Europe through May 2026
Thor Vietnam campaign 100 days Two-well program commencing July 2026
Prospector 5 wells four wells Firm scope under BW Energy letter of award
Thor wells two wells Vietnam campaign under binding LOA
binding letter of award financial
"the Prospector 5 has received a binding letter of award (“LOA”) from BW Energy"
A binding letter of award is a formal, signed document that confirms a company has been chosen to provide goods or services and creates a legal obligation to proceed under agreed terms. Think of it as a promissory handshake that becomes enforceable, similar to receiving a firm job offer that you and the employer must honor. For investors, it signals committed future revenue and potential costs or liabilities tied to the awarded work.
jack-up rigs financial
"new contract commitments for four 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.
special periodic survey technical
"following completion of the rig’s current contract and scheduled special periodic survey"
accommodation activities technical
"The extension will encompass periods of drilling and accommodation activities"
forward-looking statements regulatory
"This press release and related discussions include forward-looking statements"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

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

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FAQ

What new contracts did Borr Drilling (BORR) announce on its jack-up rigs?
Borr Drilling announced new commitments for four jack-up rigs, including Prospector 5 in Gabon, Ran in Mexico, Joro in Europe, and Thor in Vietnam. These awards extend firm work into 2026 across West Africa, the Americas, Europe, and Southeast Asia.

What is the scope and timing of Borr Drilling’s Prospector 5 contract in Gabon?
Prospector 5 received a binding letter of award from BW Energy in Gabon for four wells over a minimum of 320 days. Work is expected to start in Q3 2026, after the current contract and special periodic survey, with options that may add 220 days.

How long is the extension for Borr Drilling’s Ran rig in Mexico?
The Ran rig obtained a six-month extension with ENI in Mexico, keeping it committed through September 2026. The extended period will include both drilling and accommodation activities, depending on the customer’s operational requirements and project schedule.

What contract extensions did Borr Drilling’s Joro rig receive in Europe?
Joro received contract extensions from its current operator in Europe totaling about two months. These extensions keep the rig committed through May 2026, helping maintain continuous utilization in the region without a disclosed gap between existing and extended work.

What work will Borr Drilling’s Thor rig perform in Vietnam and when?
Thor received a binding letter of award from an undisclosed operator in Vietnam for a two-well campaign. The work has an estimated duration of 100 days and is scheduled to commence in July 2026, directly after Thor completes its current commitment in the region.

Does Borr Drilling disclose financial details for these new contracts?
The announcement focuses on scope and duration, not specific financial terms. It details well counts, expected start dates, and days committed for each rig but does not disclose dayrates, total contract values, or revenue contribution associated with these new commitments.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM 6-K
 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
 
April 1, 2026
 
Commission File Number 001-39007
 

Borr Drilling Limited
 
S. E. Pearman Building
2nd Floor 9 Par-la-Ville Road
Hamilton HM11
Bermuda
(Address of principal executive office)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
 
Form 20-F ☒ Form 40-F ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(1): ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(7): ☐


Exhibits
 
99.1
Press Release
 
 SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
BORR DRILLING LIMITED
     
Date: April 1, 2026
By:
/s/ Mi Hong Yoon
 
Name:
Mi Hong Yoon
 
Title:
Director


Exhibit 99.1

Borr Drilling Limited – Contracting Updates

Hamilton, Bermuda, April 1, 2026 – Borr Drilling Limited (NYSE and Euronext Growth Oslo: BORR) (“Borr Drilling” or the “Company”) is pleased to announce new contract commitments for four of its premium jack-up rigs.

In West Africa, the Prospector 5 has received a binding letter of award (“LOA”) from BW Energy in Gabon. The commitment covers a firm scope of four wells, with a minimum duration of 320 days, and is expected to commence in Q3 2026, following completion of the rig’s current contract and scheduled special periodic survey. The award includes options that may extend the work by an additional 220 days.

In the Americas, the Ran has received a six-month extension with ENI in Mexico, keeping the rig committed through September 2026. The extension will encompass periods of drilling and accommodation activities, subject to the customer’s operational requirements.

In Europe, the Joro has received contract extensions from the current operator, totaling approximately two months and keeping the rig committed through May 2026.

In Southeast Asia, the Thor has received a binding LOA from an undisclosed operator in Vietnam. The two-well campaign has an estimated duration of 100 days and will commence in July 2026, in direct continuation of its current commitment.

About Borr Drilling

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 Growth Oslo since December 19, 2025 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 new contract commitments (including options), 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, 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.

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


Source: View Original Filing on SEC EDGAR

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