The Norwegian drilling contractor Borr Drilling has bought 14 aged jackups, a part of the Paragon offshore rig fleet it acquired in February 2018. The items can be delivered to the brand new unnamed proprietor over the following 30 days. The items is not going to re-enter the worldwide jack-up drilling market after the completion of the sale.
Borr suggested that 13 rigs can be demobilized and can be focused for cellular offshore manufacturing unit work. One jackup is allotted to improvement work for a particular lifetime of discipline undertaking.
Since the start of 2018 Borr Drilling and Paragon Offshore have already disposed 26 rigs which have now left the marketed offshore drilling rigs provide.
CEO, Svend Anton Maier, mentioned: “We have, during the last 17 months, been capable of construct a novel fleet of 24 excessive specification belongings acquired at engaging costs funded by a robust mixture of fairness and engaging vendor financing.”
“We see clear indicators that the tender exercise available in the market is rising, to a big extent, pushed by NOCs and main oil firms. With the strong operational platform constructed each organically and thru the Paragon acquisition, we’re very effectively positioned for what we see as the beginning of the following upturn cycle within the jack-up market.”
Paragon Offshore was created in May 2014 after Noble Corporation introduced its plan to spin-off its customary flleu of drilling Rigs together with 5 drillships, three semi-submersibles and 34 jackups.
In February 2018 Borr drilling acquires the Paragon Offshore belongings for $232.5 million. (Image: Paragon C462 in Den Helder/Yellow and Finch)
The submit BORR DRILLING OFFLOADS 14 AGING JACKUPS appeared first on Energy Global News.