Borr Drilling Limited enters into a new contract and LOIs for three rigs
Borr Drilling Limited has entered into a new contract and LOIs for three of its currently warm stacked rigs, adding USD 21 million to the total backlog, with good prospects for additional backlog on these units, the company said in its release. The recent awards will bring the total number of committed and contracted rigs up to 14. The tender activity in the jack-up market troughed in March / April this year caused by the negative development in the oil price. There are now clear signs of increased activity levels, supported by an oil price of around USD 40/bbl.
Borr has currently three additional warm stacked rigs which can be brought into operation without significant activation capex.