Borr Drilling introduced in its fleet standing report that it has entered into a brand new contract, an extension and obtained an LOA, including USD 35.1 million over roughly 480 days to the whole backlog, with good prospects for extra backlog on these models.
The beforehand introduced LOI for the Norve, which is at present heat stacked, has been transformed right into a contact for 2 wells plus one choice with BW Energy which is predicted to begin operations in Gabon throughout April 2021.
• In Asia, the Idun has been awarded an LOA to begin operations within the first quarter of 2021, rising the variety of lively rigs for the Company in Asia to a complete of 4. The contract’s estimated length, excluding choices, is for a interval as much as 12 months.
Idun is a Keppel FELS Super B Class jackup at present prepared stacked in Vietnam.
• Prospector 1 obtained a contract modification from the present buyer, One Dyas, for 3 optionally available wells, of which one has already been exercised. In addition the Prospector 1 has obtained an LOI for 4 wells plus choices for operations within the North Sea, which has an estimated interval of seven months.
Borr Drilling stated:
“The latest awards will convey the whole variety of dedicated and contracted rigs as much as 13, and we’re inspired about this elevated exercise within the shallow water jack-up drilling market. Borr has 4 further heat stacked rigs that may be introduced into operation with out vital activation capex.
We are negotiating phrases with Pemex for an extension to the present contract protecting 5 rigs contracted below the Integrated Well Services enterprise mannequin, with an goal to safe incremental work all through 2021 in Mexico. It is nevertheless essential for the JV and Borr Drilling that the working capital state of affairs in Mexico improves, which is a key level within the negotiations on additional work.”
(Source and picture: Borr Drilling – Borr Drilling newbuilds idle in Singapore PPL shipyard)
The put up BORR DRILLING SECURES NEW CONTRACTS AND EXTENSIONS WORTH $35 MILLION appeared first on Energy Global News.