HAMILTON, Bermuda, April 8, 2025/ PRNewswire/– Borr Drilling Limited (the “Business”) BORR is happy to reveal brand-new agreement dedications for 3 of its premium jack-up rigs and extra fleet updates.
Emphasizes
- Safe brand-new awards for the rigs “Thor”, “Gerd” and “Norve” with an anticipated combined period of 774 days and approximated agreement earnings of roughly $ 120 million, leaving out mobilization and demobilization charges.
- Gotten re-mobilization notifications for the rigs “Galar”, “Grid” and “Gersemi”, which were formerly suspended in Mexico
- Beginning of long-lasting agreements for the rigs “Arabia I” and “Vali” making it possible for the Business to billing roughly $ 48 million in lump-sum mobilization earnings.
- With the above advancements, 6 of our rigs that were idle for part or the entire of Q1 2025 are set to resume operations, laying the structure for a substantial enhancement in usage, profits and EBITDA beginning in Q2 2025 and beyond.
Contracting Updates
In Southeast Asia, the “Thor” has actually gotten a binding Letter of Award from Vietsovpetro in Vietnam. The award covers a company scope of 3 wells, with an awaited period of 75 days, and is anticipated to begin in April 2025. Subsequently, the rig’s formerly revealed program, initially set to start in May will now begin in July, in direct extension of this Vietsovpetro program. With these changes, the rig is now anticipated to stay under agreement through September 2025
In West Africa, the “Gerd” has actually protected a binding Letter of Award from Foxtrot in Ivory Coast for a 1 year company program, set up to start in late Q4 2025.
Furthermore, in West Africa, the “Norve” has actually gotten a Letter of Award from a concealed operator for a project with an anticipated period of 11 months, set to begin in the 2nd half of 2026. The last agreement stays based on the client’s Last Financial investment Choice (FID), expected in Q2 2025.
Fleet Advancement
In Mexico, we have actually gotten a re-mobilization demand from our client for the rigs “Galar”, “Grid” and “Gersemi”, with mobilization to their next operating places anticipated in mid-April 2025 Operations on these systems are expected to resume soon afterwards, within the 2nd quarter of 2025. These 3 rigs were formerly suspended as reported on January 15, 2025 and will continue operations on Pemex possessions under the very same legal terms. Significantly, the Galar will be released in the Bacab-Lum field, which will be established by an affiliate of our client under a personal financial investment structure.
In addition, the rigs “Arabia I” and the newbuild “Vali” have actually begun making day rate earnings under their long-lasting agreements with Petrobras in Brazil and Mellitah Oil and Gas in Libya, respectively. In connection with the beginning of these agreements, the Business will invoice roughly $ 48 million in lump-sum mobilization earnings.
Forward looking declarations
This news release consists of forward looking declarations, which do not show historic realities and might be determined by words such as “will”, “anticipate”, “price quote”, “expect” and comparable expressions and consist of declarations connecting to agreement awards, letter of awards, agreement period and worth and anticipated start and end dates, and other non-historical declarations. Such forward looking declarations go through dangers, unpredictabilities, contingencies and other aspects might trigger real occasions to vary materially from the expectations revealed or indicated by the positive declarations consisted of herein, consisting of dangers connected to contracting, consisting of start dates of such agreements, the danger that agreement stockpile and profits capacity will not emerge as anticipated, real efficiency under drilling agreements, the danger that stockpile might not be recognized, the danger that enhancement in usage, profits and EBITDA beginning in Q2 2025 and beyond will not materialise and other dangers and unpredictabilities explained in the area entitled “Threat Aspects” in our latest yearly report on Type 20-F and other filings with the Securities and Exchange Commission. Such dangers, unpredictabilities, contingencies and other aspects might trigger real occasions to vary materially from the expectations revealed or indicated by the forward -looking declarations consisted of herein. These forward -looking declarations are made just since the date of this release. We do not carry out to upgrade or modify the positive declarations, whether as an outcome of brand-new details, future occasions or otherwise.
CONTACT:
Concerns must be directed to: Magnus Vaaler, CFO, +44 1224 289208
This details was given you by Cision http://news.cision.com
https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited—contracting-and-fleet-updates,c4132272
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SOURCE Borr Drilling Limited
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