Borr Drilling optimistic about jack-up drilling rig market outlook

The Odin jackup operates off the coast of Mexico.

(Courtesy of Borr Drilling)

Offshore personnel

HAMILTON from Bermuda – Borr Drilling Ltd. posted an update on their jackup fleet.

In March 2021, the Idun started its 10 farm well contract with Vestigo in Malaysia. The estimated duration is 315 days. Seven of the 10 wells were subsequently transferred to Petronas.

In April 2021, the Norway started its contract with BW Energy in Gabon for two firm wells and one optional well, which has been exercised. the Norway is expected to remain under contract until October 2021. In May 2021, the company obtained a letter of intent from an undisclosed client for a firm 120-day program plus 210 days of options from December 2021. The company provides that the Norway will remain contracted until April 2022 and Q4 2022 if all options are exercised.

This month on Skald is expected to start a three-year contract with PTTEP in Thailand.

Last month the Prospector 1 completed its contract with ONE-Dyas in the North Sea and has since started a contract with Neptune Energy in the Netherlands for four firm wells and three optional wells. The company was awarded an additional unit contract with Tulip Oil in the Netherlands for two firm wells and one optional well, which was exercised. the Prospector 1 is expected to remain contracted until approximately March 2022 and until Q1 2023 if all options are exercised.

The company has obtained a Letter of Award (LOA) for the Saga relating to optional wells under its current contract with PTTEP / JX Nippon. This LOA includes the novation of these options to an undisclosed operator in Malaysia. When converting to a contract, the Saga is expected to remain under contract until August 2022.

PTTEP has exercised eight of the 10 optional wells for the Gunnlod off Malaysia. This should allow the platform to operate until September 2021. The contract can be extended with four more optional wells, which would keep the platform active for the remainder of 2021.

Oriental awarded the Natt a contract of approximately 120 days off Nigeria. The contract started in May.

The five Borr platforms operating in Mexico (Odin, Galar, Njord, Wire rack, and Gersemi) are now expected to continue to operate for IWS Joint Ventures until 2022.

Regarding the market outlook, Borr said he sees a high likelihood of securing more contracts for several of his hot-stacked rigs in the second half of the year.

04/06/2021


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