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Borr Drilling Adds to Backlog

Borr Drilling Limited (NYSE and OSE: BORR) reported Wednesday that a set of new agreements for three of its jack-up rigs could add US$48 million over approximately 590 days to the company’s backlog.

The drilling contractor stated that it has received a letter of intent (LOI) from an undisclosed new operator in Nigeria for its Natt rig. The LOI calls for an estimated 150-day duration beginning in April 2021, directly continuing the rig’s previous contract, Borr stated.

Borr also revealed that an LOI for the Prospector 1 rig has been converted into a contract for four wells plus options for operations with Neptune. Prospector 1 has also secured a three-well plus option contract from Tulip for operations in the Netherlands, Borr stated.

Given the Neptune and Tulip contracts, Borr observed that the Prospector 1 will be fully utilized on the Dutch Continental Shelf in 2021. The company added that it “sees good opportunities for keeping the rig working into the third quarter of 2022 if all options are exercised.”

Finally, Borr stated that its Gunnlod has secured an eight-well extension in Malaysia from PTTEP (BKK: PTTEP). The drilling contractor pointed out the extension should keep the jack-up busy until September 2021. Moreover, it stated the Gunnlod has one additional optional period that could keep the rig active for the remainder of the year.

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