Borr Drilling Secures New Contracts for Four Jackup Rigs

The Oslo and New York-listed offshore driller, Borr Drilling, has recently announced the acquisition of new contracts for four of its jackup rigs, further solidifying its position in the industry.

With these new contracts, Borr Drilling now has a total of 23 rigs out of its fleet of 24 under contract, indicating strong demand for its services.

The combined duration of the four new contracts is approximately 1,300 days, with an estimated contract revenue exceeding $129 million. These contracts also increase the company’s contract coverage to 84% for 2025 and 45% for 2026, at favorable dayrates.

Contract Details

In the Middle East, the warm stacked 2016-built Arabia II has secured a binding letter of award from an undisclosed customer. The contract is set to commence in September 2025, with a firm duration of 500 days and a 200-day unpriced option, including additional performance-based incentives.

Meanwhile, in Southeast Asia, the rigs Thor and Gunnlod, built in 2019 and 2018 respectively, have both received contracts from an unnamed client. Thor will undertake a 240-day well-based program starting in October 2025, while Gunnlod will begin a 100-day program in September 2025, with one fixed-priced optional well each, estimated at 80 days.

Additionally, the 2013-built Odin jackup in Mexico received a temporary suspension notice from Pemex, effective early June. However, Borr Drilling quickly secured a 60-day accommodation program contract from an independent oil company in Mexico, with priced options for drilling works that could extend the rig’s contract through the second quarter of 2026.

Continued Success

These new contracts mark Borr Drilling’s 13th commitment in 2025, totaling 3,010 potential contract days and $366 million in potential contract revenue. The company’s ability to secure new commitments and maintain a strong contract coverage demonstrates its resilience and competitiveness in the offshore drilling market.

Overall, Borr Drilling’s recent successes reflect its strong reputation, operational excellence, and commitment to delivering high-quality services to its clients worldwide.