The Oslo and New York-listed offshore driller Borr Drilling has won new deals for four of its jackups.
The four new contracts bring the total number of contracted Borr Drilling rigs to 23 out of its fleet of 24.
The new awards have a combined duration of approximately 1,300 days, including fixed-priced options, and an estimated contract revenue of more than $129m. The new commitments increase the company’s contract coverage to 84% at an average dayrate of $144,000 for 2025 and 45% at an average dayrate of $141,000 for 2026.
In the Middle East, the warm stacked 2016-built Arabia II secured a binding letter of award from an undisclosed customer. The contract will begin in September 2025 and is anticipated to have a firm duration of 500 days, plus a 200-day unpriced option. This contract includes additional performance-based incentives.
In Southeast Asia, the rigs Thor and Gunnlod, built in 2019 and 2018 respectively, have received a contract from an unnamed client. The former will undertake a well-based program with an estimated duration of 240 days starting in October 2025, while the latter is set to commence a 100-day program in September 2025, following the completion of its current contract. Both deals include one fixed-priced optional well, each estimated at 80 days.
In Mexico, the 2013-built Odin jackup has received a notice of a 30-day temporary suspension from Mexico’s state oil firm Pemex, effective early June.
The company explored alternative deployment options and secured a contract from an independent oil company in Mexico for a 60-day accommodation program expected to begin in July. The agreement includes priced options for drilling works that could keep the rig contracted through the second quarter of 2026. Following this award, four of our seven rigs in Mexico are now committed to independent customers.
The company has secured 13 new commitments in 2025, equating to 3,010 potential contract days and $366m in potential contract revenue, including firm periods and priced options.
