HAMILTON, Bermuda, July 31,
2023 /PRNewswire/ -- Borr Drilling Limited (the
"Company") (NYSE and OSE: "BORR") is pleased to announce it has
secured two letters of awards ("LOA") for its premium jack-up
drilling rigs "Gerd" and "Thor". These awards increase the
Company's firm backlog by approximately 421 days, excluding
optional periods.
The premium jack-up drilling rig "Gerd" has secured a binding
LOA from an undisclosed customer for work in the Middle East. This contract will cover a firm
scope of 270 days, and one unpriced optional scope of 60 days. The
firm scope has an estimated contract value of $47.7 million, including mobilisation and
demobilisation. The "Gerd" concludes its current contract with
Addax in Q3 2023, following the client's decision not to proceed
with certain optional wells previously exercised. The rig will then
undergo mobilisation, statutory surveys and recertification ahead
of its new commitment which is expected to start in December 2023.
The premium jack-up drilling rig "Thor" has secured a binding
LOA from an undisclosed customer for work in Southeast Asia. This contract will cover a
firm scope of two wells with an estimated duration of 151 days and
a contract value of $25.1 million,
including mobilisation and demobilisation. This contract is
expected to commence in December
2023, in direct continuation of the rig's ongoing
contact.
Hamilton, Bermuda
31 July 2023
Forward looking statements
This press release includes forward looking statements, which do
not reflect historical facts and may be identified by words such as
"will", "estimate" and similar expressions and include statements
relating to letters of award for rig contracting including the
duration and value of such contracts and backlog, and other
non-historical statements. Such forward looking statements are
subject to risks, uncertainties, contingencies and other factors
could cause actual events to differ materially from the
expectations expressed or implied by the forward-looking statements
included herein, including risks related to actual performance
under drilling contracts, the risk that backlog may not be
realized, the number of rigs that will be in operation and rates
that are achieved, and other risks and uncertainties described in
the section entitled "Risk Factors" in our most recent annual
report on Form 20-F and other filings with the Securities and
Exchange Commission. Such risks, uncertainties, contingencies and
other factors could cause actual events to differ materially from
the expectations expressed or implied by the forward -looking
statements included herein. These forward-looking statements are
made only as of the date of this release. We do not undertake to
update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise.
CONTACT:
Questions should be directed to:
Magnus Vaaler, CFO, +44 1224
289208
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SOURCE Borr Drilling Limited