OSLO, Norway, Jan. 11, 2021 /PRNewswire/ -- Borr Drilling
Limited (the "Company") (NYSE and OSE: "BORR") is pleased to
announce in its fleet status report today that it has entered into
a new contract, an extension and received an LOA, adding
USD 35.1 million over approximately
480 days to the total backlog, with good prospects for additional
backlog on these units.
The previously announced LOI for the Norve, which is currently
warm stacked, has been converted into a contact for two wells plus
one option with BW Energy which is expected to commence operations
in Gabon during April 2021.
In Asia, the Idun has been
awarded an LOA to commence operations in the first quarter of 2021,
increasing the number of active rigs for the Company in
Asia to a total of four. The
contract's estimated duration, excluding options, is for a period
up to 12 months.
We are also pleased to announce a contract amendment on the
Prospector 1 with the existing customer, One Dyas, for three optional wells, of which one
has already been exercised.
In addition the Prospector 1 has received an LOI for four wells
plus options for operations in the North Sea, which has an
estimated period of seven months.
The recent awards will bring the total number of committed and
contracted rigs up to 13, and we are encouraged about this
increased activity in the shallow water jack-up drilling market.
Borr has four additional warm stacked rigs that can be brought into
operation without significant activation capex.
We are negotiating terms with Pemex for an extension to the
current contract covering five rigs contracted under the Integrated
Well Services business model, with an aim to secure
incremental work throughout 2021 in Mexico. It is however important for the JV and
Borr Drilling that the working capital situation in Mexico improves, which is a key point in the
negotiations on further work.
The full fleet status report is enclosed to this release.
11 January 2021
Hamilton, Bermuda
Forward Looking Statements
This announcement includes forward looking statements. Forward
looking statements are, typically, statements that do not reflect
historical facts and may be identified by words such as
"anticipate", "continue", "expect", "should", "will" and similar
expressions and include expectations regarding contract backlog and
contract terms, contract duration and operation of our jack-up
rigs. The forward-looking statements in this announcement are based
upon various assumptions, many of which are based, in turn, upon
further assumptions. Although Borr Drilling Limited believes that
these assumptions are reasonable, they are, by their nature,
uncertain and subject to significant known and unknown risks,
contingencies and other factors which are difficult or impossible
to predict and which are beyond our control. 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. In
addition to the important factors and matters discussed elsewhere
in this report, important factors that, in our view could cause
actual results to differ materially from those discussed in the
forward looking statements are included in our most recent annual
report.
The information, opinions and forward-looking statements
contained in this announcement speak only as of the date hereof and
are subject to change without notice.
Media contact:
Magnus Vaaler
ir@borrdrilling.com
Phone: +47 22 48 30 00
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Fleet Status Report -
January 2021
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SOURCE Borr Drilling Limited