OSLO, Norway, January 11, 2021 / PRNewswire / – Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) are pleased to announce in their report on the status of the fleet today that it has entered into a new contract, extension and received a LOA, adding USD 35.1 million over approximately 480 days to full repayment, with good opportunities for further backup on these units.
The previously announced LOI for the Norve, which is currently warmly stacked, has been turned into a contact for two more wells than one option by BW Energy which is expected to start work there. an Gabon re April 2021.
In Asia, LOA was awarded to Idun to begin operations in the first quarter of 2021, increasing the number of active rigs for the Company in Asia to four in total. The approximate length of the contract, excluding options, is for a period of up to 12 months.
We are also happy to announce a contract change on Prospector 1 with the existing customer, Aon Dyas, for three optional sources, one of which has already been used.
In addition Prospector 1 has acquired LOI for four wells as well as options for work in the North Sea, which has an estimated seven months.
The recent awards bring the total number of dedicated and contracted rigs to 13, and we are encouraged by this increased activity in the shallow water drilling market. Borr has four additional warm caves that can be produced without a large active capex.
We are negotiating terms with Pemex for an extension of the current contract covering five lanes employed under the Integrated Well Services business model, with the aim of gaining expansion work through 2021. Mexico. However, it is important for the JV and Borr Drilling that there is a working capital position Mexico developing, which is a key point in the discussions on further work.
The full fleet status report accompanies this notice.
11 January 2021
Hamilton, Bermuda
Forward-looking statements
This news includes forward-looking statements. Forward-looking statements are usually statements that do not reflect historical facts and may be characterized by words such as “expect”, “continue”, “expectation”, “Should”, “will” and similar phrases and include expectations regarding the backing of contracts and terms of contract, contract period and the operation of our jack-up lanes. The positive statements in this ad are based on a number of assumptions, many of which are in turn based on other assumptions. While Borr Drilling Limited considers these assumptions to be reasonable, they are, by their nature, uncertain and subject to known and unknown risks, contingencies and other factors that are difficult or impossible to predict and which is beyond our control. Risks, uncertainties, contingencies, and other factors may cause events to differ materially from the expectations expressed or expressed by the forward-looking statements made. -enter this. In addition to the important factors and issues discussed elsewhere in this report, there are important factors which, in our view, may lead to very different results from those discussed in the progressive statements included in our most recent annual report.
The information, comments and positive statements contained in this advertisement speak only from the date herein and are subject to change without notice.
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Magnus Vaaler
[email protected]
Phone: +47 22 48 30 00
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SOURCE Borr Drilling Limited
