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in contract revenue, including mobilization and demobilization compensation.
The “Arabia I” which had its work scope suspended earlier this year in Saudi
Arabia has secured a new long-term contract in Brazil. The contract period is 4
years firm plus a 4 years unpriced option. This contract is expected to commence
in Q1 2025 in cooperation with an experienced local partner for Petrobras.
In Southeast Asia, the “Gunnlod” has received a binding Letter of Award from an
operator in Malaysia. The award covers a firm scope of seven wells, with an
anticipated duration of 210 days, and is expected to commence in November 2024.
In Africa, the “Norve” has secured a 109 days extension with BW Energy in
Gabon. This extension will keep the “Norve” contracted until February 2025 when
it will commence its subsequent contract with Marathon Oil in Equatorial Guinea.
Additionally, the Company previously announced the award of 180 days firm plus
180 days option commitment in Congo for ENI. The “Gerd” will execute this
program that is expected to commence in October 2024. The rig is currently
operating in the UAE and will commence mobilization to West Africa in September
immediately following the completion of its current contract.
Chief Commercial Officer, Bruno Morand, commented:
"These new awards reinforce Borr Drilling’s ability to secure strategic
commitments by leveraging our premium fleet, strong operational performance, and
global footprint. Year to date, the Company has secured 13 new contracts
contributing $644m in contract value, implying an average equivalent day rate of
approximately $185,000.
The new long-term award in Brazil for the “Arabia I” will be a vast improvement
over its previous contract with a day-rate increase of over 60%. Following these
awards, all our delivered rigs are committed. Based on already secured
commitments and ongoing negotiations, we are confident that the new build Vali
will be contracted and operating shortly after its delivery later this year."
Hamilton, Bermuda
26 July 2024
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”, “expect”,
“estimate” and similar expressions and include statements relating to contract
awards, letter of awards, contract duration and value and expected start and
end dates, 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
contracting, including our ability to convert LOAs into contracts, the final
terms and start dates of such contracts, actual performance under drilling
contracts, the risk that backlog may not be realized, 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.
Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208
Kilde
