Borr Drilling adds Vietnam contract, ENI extension
Borr Drilling adds new jack-up work in the Americas, Southeast Asia and Europe, including a Bestla contract extension with ENI to September 2027.
Rhea-AI Filing Summary
Borr Drilling Limited (BORR) reports new operational milestones and contract activity for several jack-up rigs. The jack-up Odin has completed mobilization and acceptance testing offshore Texas and began earning dayrate revenues on September 11, 2026 under its contract in the Americas.
In Southeast Asia, the rig Idun was awarded a three-well contract in Vietnam with an estimated 130-day duration, scheduled to start in the fourth quarter of 2026 in direct continuation of its current work. In Europe, ENI exercised a nine‑month option on the rig Bestla, extending that contract to September 2027, while retaining an additional nine‑month fixed price option. Borr Drilling expects to assume operational management of Bestla in the fourth quarter of 2026 after the bareboat charter with the prior owner ends.
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Key Figures
Odin dayrate start date: September 11, 2026
Idun campaign duration: 130 days
Idun start window: Fourth quarter of 2026
+3 more
6 metrics
Odin dayrate start date
September 11, 2026
Date Odin began earning dayrate revenues in the Americas
Idun campaign duration
130 days
Estimated duration of three-well contract in Vietnam
Idun start window
Fourth quarter of 2026
Scheduled commencement of Idun’s Vietnam campaign
Bestla option period exercised
Nine months
Extension period exercised by ENI on Bestla
Bestla contract term
September 2027
New expiry after ENI’s option exercise
Additional Bestla option
Nine months
Further fixed price extension option retained by ENI
Key Terms
dayrate revenues, bareboat charter, jack-up rigs, forward-looking statements, +1 more
5 terms
dayrate revenues financial
"the Odin has commenced its contract and began earning dayrate revenues"
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.
jack-up rigs technical
"The Company owns and operates jack-up rigs of modern and high specification designs"
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.
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.
fixed price option financial
"an additional fixed price option to extend the contract by a further nine months"
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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What operational update did Borr Drilling (BORR) provide on the Odin rig?
The Odin completed mobilization offshore Texas and acceptance testing, and on September 11, 2026 it commenced its contract and began earning dayrate revenues in the Americas.
What new contract did Borr Drilling (BORR) secure for the Idun rig?
The Idun received a contract from an undisclosed operator in Vietnam for a three‑well campaign with an estimated 130-day duration, scheduled to start in the fourth quarter of 2026 in direct continuation of its current contract.
How was the Bestla rig contract for Borr Drilling (BORR) extended?
In Europe, ENI 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 for a further nine months.
When will Borr Drilling (BORR) assume operational management of Bestla?
Borr Drilling expects to assume operational management of the Bestla in the fourth quarter of 2026 following completion of the rig’s bareboat charter with the prior owner.
In which regions did Borr Drilling (BORR) report new contracts or updates?
Borr Drilling reported updates in the Americas (Odin starting dayrate revenues), Southeast Asia (Idun’s Vietnam contract), and Europe (Bestla contract extension with ENI and upcoming operational management transition).
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
September 15, 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)
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
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99.1
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Press Release
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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.
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BORR DRILLING LIMITED
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Date: September 15, 2026
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By:
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/s/ Mi Hong Yoon
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Name:
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Mi Hong Yoon
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Title:
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Director
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Exhibit 99.1
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PRESS RELEASE
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Borr Drilling Limited – Operational and Contracting Updates
Hamilton, Bermuda, September 15, 2026 - Borr Drilling Limited (NYSE and 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.
Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208, ir@borrdrilling.com