Borr Drilling nets jackup deal hat-trick worth $120m

Offshore jackup rig player Borr Drilling has revealed new deals for a trio of jackup rigs in the company’s new fleet update.

In Southeast Asia, the Thor rig received a binding letter of award from Vietsovpetro in Vietnam. The award covers a firm scope of three wells, with an anticipated duration of 75 days, and is expected to begin in April 2025.

As a result, the rig’s previously announced program, originally set to begin in May with an undisclosed client, will now begin in July, in direct continuation of this Vietsovpetro program.

With these adjustments, the rig is now expected to remain under contract through September 2025. 

In West Africa, the Gerd jackup won a deal with Foxtrot in the Ivory Coast for a one-year firm program, scheduled to begin in the late fourth quarter of 2025. The rig already has an agreement in place in the same region from June 2025 until September 2025.

Another West African deal was awarded to the Norve rig. The jackup received a contract from an undisclosed operator for a campaign with an expected duration of 11 months, set to begin in the second half of 2026. The deal remains subject to the customer’s final investment decision, anticipated in the second half of 2025.

Norve started work for Marathon Oil last month in Equatorial Guinea and is expected to finish work relating to that deal in June 2025. The rig will then start work in Gabon for Vaalco Energy in July of this year. That contract is set to end in April 2026.

The three deals won an expected combined duration of 774 days and estimated contract revenues of around $120m, excluding mobilization and demobilization fees.

In Mexico, Borr Drilling received a re-mobilization request from Pemex for the Galar, Grid, and Gersemi rigs, with mobilisation set for mid-April. Operations on these units are anticipated to resume shortly thereafter, within the second quarter of 2025. The rigs will continue operations on Pemex assets under the same contractual terms.

Furthermore, the Arabia I and the Vali newbuild started work on their long-term contracts with Petrobras in Brazil and Mellitah Oil and Gas in Libya, respectively. In connection with the start of these contracts, the company will be given around $48m in lump-sum mobilisation revenues.