In This fall 2020, Borr Drilling, the worldwide drilling, reported an working income of 460.2 million and a internet lack of $46.7 million.
In January, the offshore drilling contractor integrated in Bermuda, finalised the phrases and executed agreements with its collectors for the beforehand introduced liquidity enchancment plan and accomplished an fairness providing elevating gross proceeds of $46 million.
The firm additionally suggested that as much as eight new contracts, LOIs/LOAs and contract extensions have been secured because the begin of the fourth quarter 2020.
Borr drilling operates a fleet of 23 jackup drilling rig from which:
• 11 items are lively
• 12 items are reported as heat stacked
• three items are anticipated to return to operations by the tip of Q1 and mid of Q2 2021. Norve will begin drilling offshore Gabon for BW Energy earlier than the tip of Q1 – Idun is predicted to begin drilling operations in Malaysia for Vestigo Petroleum. Skaid is predicted to start out operations offshore Thailand for PTTEP in Q2.
Five jackups, Gyme, Thor, Hermod, Heimdal and Hild will stay heat stacked in Singapore.
Borr drilling is anticipating the supply of 5 newbuild jackups, from KFELS in Singapore in 2023, (Huldra, Tivar, Heidrun, Vale and Var)
Borr drilling mentioned that fairness raises in 2020 and January 2021 would be the catalyst for greater than 1 billion liquidity enhancements till 2023 and the corporate is properly positioned to learn from an upturn available in the market.
Borr drilling has its monetary headquarters positioned in London and operations workplace In Aberdeen, UK.
(Source: Borr Drilling – Borr drilling jackups idle in Singapore/RneB/power world information)

The put up HALF OF THE FLEET IDLE BORR DRILLING WAITS FOR AN UPTURN IN THE MARKET appeared first on Energy Global News.

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