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HAMILTON, Bermuda, July 26, 2024 /PRNewswire/ — Borr Drilling Restricted (NYSE: BORR) (OSE: BORR) is happy to announce pristine guarantee loyalty for 3 of its top rate jack-up rigs, the “Arabia I”, the “Gunnlod” and the “Norve”. Those loyalty preserve a complete of one,779 days and $332 million in guarantee income, together with mobilization and demobilization repayment.
The “Arabia I” which had its paintings scope suspended previous this month in Saudi Arabia has tied a pristine long-term guarantee in Brazil. The guarantee length is 4 years company plus a 4 years unpriced possibility. This guarantee is predicted to start in Q1 2025 in cooperation with an skilled native spouse for Petrobras.
In Southeast Asia, the “Gunnlod” has won a binding Letter of Award from an operator in Malaysia. The award covers a company scope of 7 wells, with an expected period of 210 days, and is predicted to start in November 2024.
In Africa, the “Norve” has tied a 109 days extension with BW Power in Gabon. This extension will reserve the “Norve” shrunk till February 2025 when it’s going to start its next guarantee with Marathon Oil in Equatorial Guinea.
Moreover, the Corporate prior to now introduced the award of 180 days company plus 180 days possibility loyalty in Congo for ENI. The “Gerd” will explode this program this is anticipated to start in October 2024. The rig is lately working within the UAE and can start mobilization to West Africa in September straight away following the of completion of its wave guarantee.
Important Industrial 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 pristine long-term award in Brazil for the “Arabia I” will probably be a immense growth over its earlier guarantee with a day-rate building up of over 60%. Following those awards, all our delivered rigs are dedicated. In keeping with already tied loyalty and ongoing negotiations, we’re assured that the pristine develop Vali will probably be shrunk and working in a while then its supply upcoming this month.”
Hamilton, Bermuda
26 July 2024
Ahead searching statements
This press drop contains ahead searching statements, which don’t mirror historic info and could also be recognized via phrases reminiscent of “will”, “expect”, “estimate” and alike expressions and come with statements with regards to guarantee awards, letter of awards, guarantee period and worth and anticipated get started and finish dates, and alternative non-historical statements. Such ahead searching statements are matter to dangers, uncertainties, contingencies and alternative components may motive fresh occasions to vary materially from the expectancies expressed or implied via the forward-looking statements incorporated herein, together with dangers alike to contracting, together with our talent to transform LOAs into word of honour, the general phrases and get started dates of such word of honour, fresh efficiency beneath drilling word of honour, the chance that backlog will not be learned, and alternative dangers and uncertainties described within the category entitled “Risk Factors” in our most up-to-date annual document on Method 20-F and alternative filings with the Securities and Change Fee. Such dangers, uncertainties, contingencies and alternative components may motive fresh occasions to vary materially from the expectancies expressed or implied via the ahead -looking statements incorporated herein. Those forward-looking statements are made best as of the past of this drop. We don’t adopt to replace or revise the forward-looking statements, whether or not on account of pristine knowledge, month occasions or differently.
Touch:
Questions will have to be directed to: Magnus Vaaler, CFO, +44 1224 289208
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https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited—contracting-update,c4019012
SOURCE Borr Drilling Restricted
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